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US stocks advanced on Monday as investors bet that falling crude oil prices would support corporate earnings growth, pushing up shares of industrial bellwethers such as General Electric Co. But nervousness about this week's inflation reports, which could determine the course of interest rates, curbed a broader market advance.
On Tuesday, the Labour Department releases its October report on the Producer Price Index, while on Thursday, the government will release the October Consumer Price Index. "How PPI and later on CPI play out, away from the headline number, you're going to have some risk that the market has to re-evaluate its Fed stance," said John Caldwell, chief investment strategist at McDonald Financial Group, part of KeyCorp, in Cleveland, Ohio.
"The drop in energy prices is still going to have a positive impact, but the inflation data could be the fly in the ointment." Nervousness about the inflation data also weighed on the bond market, with US government debt prices falling as investors fretted that the data may show inflation creeping higher and prompt the Federal Reserve to resume its interest-rate hiking campaign.
The yield on the benchmark 10-year Treasury note rose to 4.61 percent late Monday from 4.59 percent at Friday's close. Its price, which moves inversely to its yield, fell 4/32 to 100-5/32. Even so, positive broker comments on chip maker Intel Corp helped spur demand for technology shares, dts highest level in nearly six years during the session.
The Dow Jones industrial average rose 23.45 points, or 0.19 percent, to close at 12,131.88. The Standard & Poor's 500 Index edged up 3.52 points, or 0.25 percent, to finish at 1,384.42. The Nasdaq Composite Index ended up 16.66 points, or 0.70 percent, at 2,406.38. GE shares advanced 0.5 percent, or 19 cents, to $35.36 on the New York Stock Exchange. GE's stock also benefited from positive broker comments.
Shares of another diversified manufacturer, Honeywell International Inc, gained 1 percent, or 43 cents, to $42.97 on the NYSE. Citigroup added GE to its recommended list, along with chip maker Intel. Both stocks, along with the shares of American International Group Inc, were among the top positive influences on both the blue chip Dow average and the broad S&P 500.
Intel shares rose 2 percent, or 42 cents, to $21 on Nasdaq, making it one of the biggest boosters of both the Nasdaq 100 and the Dow average. Intel also helped bolster the S&P 500.
Shares of AIG, the world's largest insurer by market value, were the top positive influence on both the Dow and the S&P 500. AIG gained 1.5 percent, or $1.01, to $70.65 on the NYSE. The stock extended gains triggered by last Thursday's stronger-than-expected profit report. Home Depot shares slipped 0.7 percent, or 24 cents, to $36.40, while Wal-Mart shares dropped 0.3 percent, or 15 cents, to $46.32, both in NYSE trading.
The biggest drag on the S&P 500 was a drop of nearly 2 percent in the shares of PepsiCo Inc after "Mad Money" show host and stock commentator Jim Cramer said on CNBC television that the battle against fatty foods could be a headwind for the company's snacks business. PepsiCo's stock fell $1.14 to $61.41 on the NYSE.
Trading was moderate on the NYSE, where about 1.42 billion shares changed hands, below last year's average daily volume of 1.61 billion. On the Nasdaq, about 1.81 billion shares traded, slightly above last year's average daily volume of 1.80 billion. Advancers outnumbered decliners on the NYSE by a ratio of 6 to 5, while on the Nasdaq, about three stocks rose for every two that fell.

Copyright Reuters, 2006

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