(By Salman - iStockAnalyst Writer)US stocks climbed, sending benchmark indexes to highest point in over a year, as a weak dollar and higher commodity prices boosted investor sentiment. Shares also rallied amid positive outlook for corporate earnings.
The Dow Jones Industrial Average fell 67.03 points or 0.67% to finish at 9,995.91. The S&P 500 slipped 8.88 points or 0.81% to end at 1,087.68. The Nasdaq Composite decreased 16.49 points or 0.76% to 2,156.80.
Shares of equipment maker Caterpillar Inc. (NYSE:
CAT) soared $3.28 or 6.01% to $57.85 after the company was started at outperform in by RBC Capital Markets.
Among financials, American Express Co. (NYSE:
AXP) rallied 79 cents or 2.26% to $35.74.
Merck & Co. Inc. (NYSE:
MRK) surged 52 cents or 1.57% to $33.73.
Shares of Walt Disney Co. (NYSE:
DIS), the largest US theme park operator, jumped 47 cents or 1.60% to $29.87.
Early on Monday, Hasbro Inc. (NYSE:
HAS), the nation's second biggest toymaker, said its third quarter net income rose 8.8 percent to $150.4 million, or 99 cents per share, from $138.2 million, or 89 cents a share, in the prior-year quarter. Revenue decreased 1.7% to $1.28 billion from $1.20 billion a year ago. Shares plunged $1.10 or 3.73% to $28.42.
Shares of BB&T Corp. (NYSE:
BBT) tumbled $1.22 or 4.32% to $27.03 after it reported Monday that its third-quarter profit slumped $157 million, or 23 cents a share, compared to $362 million, or 65 cents a share, in the comparable quarter last year.
Eaton Corp. (NYSE:
ETN) said that its third-quarter net income declined to $193 million, or $1.14 a share, from $315 million, or $1.87 a share, in the same quarter last year. Quarterly revenue slipped 26% to $3.03 billion from the prior year's $4.11 billion. The company also projected fourth-quarter net income in a range between $1.00 and $1.10 a share, with operating earnings per share forecast at $1.15 and $1.25. Shares of Eaton Corp. rallied $3.74 or 5.74% to $63.89.
Shares of Terra Industries (NYSE:
TRA) lost $1.04 or 35.32 to close at $35.32 after it said Monday that it expects 2009 third-quarter revenues to be about $347 million, approximately 23% lower than 2009 second-quarter revenues of $454 million and approximately 56% lower than 2008 third-quarter revenues of $790 million.
Chevron Corp. (NYSE:
CVX) on Sunday announced that it has made an additional discovery of natural gas in the giant Gorgon gas field being developed off the northwest coast of Australia. Shares of the energy giant rallied 85 cents or 1.11% to $77.66.
Apple (NASDAQ:
AAPL) and Texas Instruments (NYSE:
TXN) are scheduled to release their quarterly earnings results after the market close.
European stocks settled up. The UK FTSE gained 91.30 points or 1.76% to 5,281.54. The German DAX and French CAC increased 1.90% and 1.69% respectively.
Asian stocks finished mixed. The Nikkei 225 fell 21.05 points or 0.21% to $10,236.51. The Hang Seng index of Hong Kong rose 270.56 points or 1.23% to 22,200.46.
NYMEX crude oil for November delivery climbed $1.01 or 1.3% to settle at $79.54 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
