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S&P Riding High Hopes After Strongest Month Since July

NEW YORK (AP) — Stocks were mixed Monday at the start of another major week for company earnings. The Standard & Poor’s 500 index is coming off its best week since July as first-quarter corporate earnings begin to come in.

KEEPING SCORE: The Standard & Poor’s 500 index was little changed from Thursday at 1,865. The stock market was closed Friday for the Good Friday holiday. The Dow Jones industrial average gained 13 points, or 0.1 percent, to 16,422. The Nasdaq composite fell three points, or 0.1 percent, to 4,092.

BIG MINING: Newmont Mining surged $1.45, or 6.1 percent, to $24.98 following reports that the mining company was considering a merger with Barrick Gold. The two companies are seeking to cut costs after a slump in metals prices.

OIL TURNAROUND: Halliburton rose $2.34, or 3.4 percent, to $63.25 after the company said it was profitable in the first quarter after reporting a loss in the same period a year ago. Last year the company set aside money for litigation over the 2010 Gulf of Mexico oil spill.

THE EARNINGS TRAIN: More companies are scheduled to report first-quarter earnings this week. Netflix will release its earnings after the closing bell. Companies including McDonald’s, Delta Air Lines and Ford are also among those scheduled to release their results this week. S&P 500 companies are forecast to report a 1.1 percent decline in earnings for the period, according to data from S&P Capital IQ.

RECOVERY WEEK: The S&P 500 climbed 2.7 percent last week, recovering from a big-sell off that was triggered by a slump in high-flying technology and biotechnology names. The index is up 0.9 percent for the year and is trading close to its record close of 1,890, set April 2.

TREASURIES AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 percent. The price of oil rose 15 cents, or 0.1 percent, to $104.45 a barrel.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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