Wall St rallies to year high

Wall St rallies to year high

US stocks climbed to fresh highs for the year Monday amid optimism on third quarter corporate earnings in a reflection of recovery prospects from prolonged recession.

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The Dow Jones Industrial Average rose 96.28 points (0.96 percent) in final trades to 10,092.19. The key index had slipped below 10,000 on Friday, two days after breaching the sensitive mark for the first time in more than a year.

The Nasdaq composite added 19.52 points (0.91 percent) to 2,176.32 and the broad-market Standard & Poor’s 500 index rose 10.23 points (0.94 percent) to a provisional close of 1,097.91.

Stocks rose from the opening bell on early expectations that a series of financial results of companies expected this week will beat Wall Street projections.

“Third quarter earnings should soon end as a market stimulus,” said Wells Fargo Advisors’ chief market strategist Al Goldman.

He said that the stock market was resilient “despite a ton of problems and uncertainties” with “still a great deal of buying power on the sidelines.”

“Bullish talk is way up, but bullish action by long-term investors has been modest,” Goldman said.

The Dow’s rise above 10,000 last week sparked a spate of celebrations but also provoked some skepticism about whether the market has gotten ahead of the economy and corporate earnings.

Gains were inspired earlier in the week by better-than-expected earnings from key firms including JPMorgan Chase, Goldman Sachs and Google, among others, but the mood was dampened by disappointing results later from Bank of America and General Electric.

This week, about a dozen Dow-linked companies and 135 member companies of the S&P 500 index are due to report their results.