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MARKET SNAPSHOT: U.S. Stock Rise Poises Dow For Close Above 11,000

By Kate Gibson U.S. stocks on Monday stepped modestly higher ahead of the de facto kickoff of first-quarter earnings season, with aluminium giant Alcoa Inc. reporting after the market close. Poised for its first finish above 11,000 since Sept. 26, 2008, the Dow Jones Industrial Average (DJI) was up 19.95 points, or 0.2%, at 11,017.3, with Alcoa (AA) and Caterpillar Inc. (CAT) pacing the gains; both were up more than 2%. The first of the Dow's 30 components to report first-quarter results, Alcoa is expected to swing to a profit under the steam of higher aluminium prices and increased demand. On Wednesday, J.P. Morgan Chase & Co. (JPM) is slated to release its results in what analysts said should provide a barometer of financial-sector fiscal conditions. Other big names set to report results include blue chips Intel Corp. (INTC), Bank of America Corp. (BAC) and General Electric Co. (GE). "By the end of the week, we should have a reasonable idea of whether investors' high expectations for terrific earnings reflected in recent stock price gains over the last eight weeks have been warranted," said Fred Dickson, chief market strategist at Davidson Co. The S&P 500 Index (SPX) rose 3.86 points, or 0.3%, to 1,198.29, with financials rising the most and materials the laggard among the index's 10 industry groups. The Nasdaq Composite Index (RIXF) was up 7.9 points, or 0.3%, at 2,461.95. Activity on the corporate M&A front also bolstered sentiment, with Mirant Corp. (MIR) agreeing to acquire rival power firm Reliant Energy Inc. (RRI) for $1.61 billion and military contractor DynCorp International (DCP) getting taken out by private-equity firm Cerberus Capital Management. European leaders over the weekend agreed to offer loans to Greece, helping to ease worries that rising debt in Greece and other countries in Europe might curb the global economic recovery and weaken the euro. Crude-oil futures finished at $84.34 a barrel, and gold futures ended higher at $1,162.20 an ounce. Advancers outran decliners roughly 3-2 on the New York Stock Exchange, where 631 million shares changed hands and composite trading volume topped 3.6 billion. On Friday, U.S. stock benchmarks closed out a sixth consecutive week of gains, taking the Dow industrials above 11,000 intraday for the first time since late September 2008.

Stock News for Mirant (MIR)
DateTimeHeadline
11/23/201019:13:31RRI Amends Shareholder Rights Plan To Protect Tax Benefit
07/30/201008:36:40RRI Energy Swings To 2Q Loss After Prior-Year Gains
06/18/201017:41:29Cost Of Insuring Mirant Debt Tumbles On Naked CDS Sales
05/04/201022:27:21New California Rules Restrict Power Plants' Marine Water Use
04/12/201016:46:53MARKET SNAPSHOT: U.S. Stock Rise; Dow Closes Above 11,000
04/12/201015:41:26MARKET SNAPSHOT: U.S. Stock Rise Poises Dow For Close Above 11,000
04/12/201012:54:08MARKET SNAPSHOT: U.S. Stock Market Tentatively Up Before Alcoa
04/12/201010:02:41MARKET SNAPSHOT: Dow Opens Above 11,000 Ahead Of Alcoa Report
04/11/201014:52:49Mirant Corporation And RRI Energy To Merge
12/17/200916:01:05Dynegy Not Looking To Issue New Debt, No Near-Term M&A - CEO
12/04/200911:05:26CO2 Price In Northeast US Auction Hits Lowest Level At $2.05/Ton

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