Dow pushes past 11,000 on strong earnings report

NEW YORK (AP) — The Dow Jones industrial average extended its push past 11,000 Tuesday after expectations grew that stronger corporate earnings would signal that a recovery is on track.

Stocks fell in early trading after quarterly results from aluminum producer Alcoa Inc. missed expectations. Major indexes later poked higher as traders jockeyed for position ahead of earnings from leading chipmaker Intel Corp., which reported strong results after the closing bell.

The Dow rose 13.45, or 0.1 percent, to 11,019.42. The S&P 500 index rose 0.82, or 0.1 percent, to 1,197.30, while the Nasdaq composite index rose 8.12, or 0.3 percent, to 2,465.99.

By the close, the Dow had tacked on about 13 points. The Dow on Monday finished above the psychological benchmark of 11,000 for the first time in a year and a half.

The results from Alcoa brought a disappointing start to the flow of earnings reports from the January-March quarter. But analysts said the company’s performance didn’t provide a good indication of how other companies would do.

Alcoa’s loss narrowed from a year earlier but its adjusted earnings and revenue came in below analysts’ estimates. Alcoa was the first of the 30 Dow stocks to report results.

The mood could brighten Wednesday following Intel’s report. The company said its first-quarter profit nearly quadrupled from a year earlier when it booked a big loss on an investment. The company’s earnings and revenue came in ahead of analysts’ expectations and brought more evidence that businesses are again spending more on technology after a drop during the financial crisis.

Intel shares rose more than three percent in electronic trading after hours.

The stock market has been rising for 13 months on signs that the economy is improving. But some analysts are concerned that the rise has come too quickly.

Since major stock indexes hit 12-year lows last year, there have been five pullbacks of as much as eight percent in the Standard & Poor’s 500 index. None have topped the 10-percent mark that would signify a correction.