Stocks try to make it 5 in a row

Wall Street advances at the open as investors ponder a weekend of talk about the global economy.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By CNNMoney.com staff

What progress is the Obama administration making toward ending the recession?
  • It's succeeding
  • The recovery is too slow
  • It's not helping at all

NEW YORK (CNNMoney.com) -- Bank stocks led a bigger rally Monday morning, as investors looked to extend the recent advance to a fifth straight session.

The Dow Jones industrial average (INDU) added 74 points, or 1%, in the early going. The S&P 500 (SPX) index added 9 points, or 1.2%. The Nasdaq composite (COMP) gained 6 points, or 0.5%.

Friday's modest gains pushed the Dow up 9% over the past four sessions. A week ago, the blue-chip indicator stood at a nearly 12-year low.

Todd Leone, head trader at Cowen & Co., said investors are feeling more confident about the financial markets after the British bank Barclays (BCS) said it had a "strong start to 2009."

Leone said that "Barclays coming out and saying that they made money in the first few months" is similar to comments made last week in a memo by Citigroup (C, Fortune 500) Chief Executive Vikram Pandit, which helped fuel a rally. Barclays gained 14% in the morning, while Citigroup gained 10%.

Leone said the "oversold" U.S. markets could follow the momentum of overseas markets for a rally Monday.

Robert Brusca, chief economist at Fact and Opinion Economics, said positive comments from Federal Reserve Chairman Ben Bernanke helped to fuel early morning trading, as well as strength in the overseas markets.

"He was reassuring," said Brusca. "I think he's got the right balance of reactions to what's going on. [He said] we'll all get through this if we have the political will. My sense of it is that we're heading in the right direction."

Economy: Bernanke, in an interview on CBS' "60 Minutes," said that while obstacles remain, government officials are laying the groundwork for an economic recovery that can begin next year.

Finance ministers of the G-20 nations met over the weekend in Horsham, England, urging more regulation and oversight of fiscal institutions to help prevent another monetary crisis. They also backed increased support for the International Monetary Fund and Asian Development Bank.

The ministers, including Treasury Secretary Tim Geithner, set the groundwork for the meeting of G-20 leaders on April 2 in London.

In the United States, Geithner and President Obama are scheduled to unveil a plan Monday to increase lending to small businesses.

Companies: AIG (AIG, Fortune 500), the beleaguered insurer, yielded to congressional demands Sunday and named the banks that have benefited from the $170 billion taxpayer-funded bailout of the company. Among those names are several European banks, and American companies Goldman Sachs (GS, Fortune 500) and Merrill Lynch.

Global markets: Asian stocks ended higher, with Tokyo's Nikkei index up 1.8% . European stocks were higher in afternoon trading.

Oil slid $1.92 to $44.33 a barrel after OPEC ministers meeting in Vienna, Austria, agreed to keep production steady in order to help the global economy. The dollar slipped against the euro but rose against the yen. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The 13 most WTF gadgets From the weird to the gross, these 13 gadgets will make you wonder why they even exist. More
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.