US STOCKS-Dow rises above 13,000 on earnings, Alcoa Wed Apr 25, 2007 9:56am ET Market View BA Last: Change: Revenue (ttm): EPS: Market Cap: Time:
Stock Details Company Profile Analyst Research Company News: US STOCKS-Dow rises above 13,000 on earnings, Alcoa UPDATE 2-Boeing profit up on jet deliveries, holds forecast US STOCKS-Futures rise on profits, durable goods More Company News... Email This Article | Print This Article | Reprints [-] Text [+] (Adds reaction to durable goods data, updates prices)
By Jennifer Coogan
NEW YORK, April 25 (Reuters) - The Dow Jones industrial average charged through 13,000 on Wednesday, powered by higher-than-expected earnings reports and data that calmed worries about the economy.
Dow component Alcoa Inc. (AA.N: Quote, Profile , Research), the world's largest aluminum company, gave the blue-chip average an added bounce after saying it will explore strategic alternatives for several of its units, sending Alcoa's shares up 5.1 percent to $35.74.
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Orders for durable goods -- costly and long-lasting manufactured items -- rose more than expected in March, according to the Commerce Department. The data helped to calm concerns about the U.S. economy that had cast a pall over the surprisingly strong earnings season.
"The earnings recession has been delayed -- again -- as earnings are now looking to post gains in the double digits for the quarter," said Tom Sowanick, chief investment officer at Clearbrook Financial LLC in Princeton, New Jersey.
"The Dow at 13,000 has no fundamental meaning but does have psychological value as a hurdle. Once we go through the hurdle, the natural thing is to think of 14,000."
The Dow Jones industrial average <.DJI> was up 49.57 points, or 0.38 percent, at 13,003.51. The Standard & Poor's 500 Index <.SPX> was up 6.43 points, or 0.43 percent, at 1,486.84. The Nasdaq Composite Index <.IXIC> was up 6.58 points, or 0.26 percent, at 2,531.12. Continued
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