By Kate Gibson
Buoyed by earnings that are proving better than the rather-dire
forecasts, U.S. stocks on Thursday climbed toward solid April
gains, with the Standard & Poor's 500 index poised for one of
its strongest months in years.
"If we were to rally a bit today and close up 10% for the month,
that would make April 2009 among one of the best months for the
S&P in the post-war era," said Dan Greenhaus, an analyst with
Miller Tabak & Co., in a note.
After little more than an hour of trade, a rally was underway,
with the Dow Jones Industrial Average (DJI) standing at 8,297.87,
up 112.14. The S&P 500 Index (SPX) rose 13.20 points to 886.84,
while the Nasdaq Composite (RIXF) gained 37.52 points to stand at
1,749.46.
Consumer discretionary shares fronted the broad market advance,
fueled by results from companies including Newell Rubbermaid Inc.
(NWL). Its shares surged 25% after the maker of plastic storage
containers said its first-quarter profit declined 41%, but still
beat expectations.
"While the best 20 post-war months for the S&P saw gains of
11.79% in the year following, April 2009 is on the verge of being
one of the top 10 months and the average gain after those 10 months
has been more than 13%," said Greenhaus.