US stocks rallied on Monday with the Dow Jones reaching its highest level in over a year with investors optimistic about the quarterly reporting period so far. Gains in industrial and commodity stocks helped to fuel the rally.
The Dow Jones industrial average rose 96 points to 10,092. The S&P500 Index gained 10 points to 1,098 and the NASDAQ finished 20 points higher at 2,176.
In company news: Shares in financial services company BB&T Corporation (NYSE:BBT) lost 4.32 per cent to $27.03. The company reported third quarter earnings of $157 million less than half its result a year ago of $362 million. BB&T says credit losses continue to impact its earnings with credit losses at $709 million for the quarter.
Shares in leisure and entertainment products maker Hasbro Inc (NYSE:HAS) dropped 3.73 per cent to $28.42. Hasbro’s third quarter earnings topped expectations buoyed by sales in its line of movie-related toys, however overall sales were weaker than expected.
Shares in power management company Eaton Corp (NYSE:ETN) rose 5.74 per cent to $63.89. The company’s earnings for the third quarter although lower, were better than expected thanks to rigorous cost cutting, a weaker US dollar and early signs of recovery in its markets. Sales however missed estimates falling just over 26 per cent for the quarter.
And shares in natural gas company Eagle Rock Energy Partners LP (NASDAQ:EROC) added 6.25 per cent to $4.93. Eagle Rock says it has received an offer from Black Stone Minerals Company to purchase its minerals business for $157.5 million. Checking the NASDAQ Top 100: The best performer was Joy Global shares rose 5.73% to $55.02. Verisign and Baidu were the next best performers. Amgen was the worst performer, falling 1.76% to $60.24. Cephalon and Amazon also finished lower.
