“Concerns over the global risk and Europe seem to have been overdone,” said Doug Cote, chief market strategist with ING Investment Management. “Countries like Spain tend to underestimate their problems, while the global markets tend to overestimate.”
Cote added that the market will continue to be "supported by strong fundamentals."
The U.S. economy expanded at a modest to moderate pace in recent weeks, according to the Fed's "Beige Book" summary of national activity. Still, the central bank raised concerns that higher gasoline prices were beginning to worry producers and consumers across the country.
Alcoa rallied after the aluminum giant topped earnings and revenue estimates. Analysts had been expecting the Dow component to report a miss.
Google , JPMorgan and Wells Fargo are among major companies slated to post earnings throughout the week.
Banks were higher after a handful of upgrades. BofA gained after Guggenheim boosted its rating on the financial giant to "buy" from "neutral." Morgan Stanley also climbed after Evercore Partners raised its price target on the firm to $20.Page 2 of 5 | Prev Page | Next Page