But IBM and Intel results disappoint. Goldman Sachs and Johnson & Johnson results cheer Wall Street. Citigroup's Vikram Pandit abruptly resigns as CEO after a board conflict. Consumer prices rise along with gas prices.
The Fed chairman is worried about Europe and the 'fiscal cliff' but avoids saying how the central bank may boost the economy. Mattel and Coca-Cola lead a rebound from an early pullback. Intel shares rise on 2nd-quarter results. Crude oil rises.
Concern that Spain could default on its debt may negate what should be a decent week for earnings. Companies reporting include Coca-Cola, Citigroup, IBM, Intel, Kimberly-Clark, Microsoft and GE. Also due is the March report on housing starts.
The S&P 500 closes above 1,300 for the first time since July on gains in tech, bank and housing stocks. Goldman Sachs rises on an earnings beat. The Keystone XL pipeline route appears doomed. EBay, F5 Networks results impress.
The economy, Europe and earnings, including reports from Goldman Sachs, eBay, Google and Microsoft, will command a lot of investor attention. And 4 big reports will help clarify whether the housing market is starting to mend.
It's a monster week for earnings, with Apple, Intel, Citigroup, Wells Fargo, Chipotle Grill and Goldman Sachs among companies set to report. Data on leading indicators and existing-home sales also are due.
Shares drop more than 5% after hours as operating expenses jump. The Dow ends with a small gain, led by Coca-Cola, Kraft and Merck. Crude oil tops $108 a barrel. Fears of lower PC sales hit tech stocks. Supervalu shares soar.
The investigation centers on whether multiple trading rings reaped illegal profits totaling tens of millions of dollars. The FBI raids the offices of three hedge funds.
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