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Stocks mostly gain ahead of earnings season kickoff; Chinese export data boost recovery hopes
By STEPHEN BERNARD and TIM PARADIS
AP Business Writers
(AP) 04:39:33 PM (ET), Monday, January 11, 2010 (NEW YORK)
Hopes that global manufacturing activity is heating up lifted industrial stocks Monday ahead of an earnings report from Alcoa Inc.

After the closing bell the aluminum producer posted revenue that topped expectations, but profits fell short of forecasts. The report gave the market one of its first looks at how companies fared in the final quarter of 2009.

An 18 percent jump in China's exports raised hopes that the world economy is strengthening. The bigger-than-expected increase follows 13 straight months of declines. The growth boosted confidence among investors who believe an economic rebound is under way.

"The global economy is healing," said Roy Williams, CEO of Prestige Wealth Management Group in Flemington, N.J. However Williams cautioned that the recovery will still face "a lot of potholes." On Friday, for example, the Labor Department reported a larger-than-expected number of job losses for December.

Some parts of the market that rose Monday, however, signaled that investors remain concerned about the economy. Areas like utilities and consumer staples rose, which are seen as safer during tough economies because they produce necessities.

According to preliminary calculations, the Dow Jones industrial average rose 45.80, or 0.4 percent, to 10,663.99. The Standard & Poor's 500 index rose 2.00, or 0.2 percent, to 1,146.98, while the Nasdaq composite index fell 4.76, or 0.2 percent, to 2,312.41.


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