Stocks Move Higher on Steel Rally, Kellogg's Cereal Profits
NEW YORK ( TheStreet) -- U.S. stocks sustained their year-long rally on Monday amid higher profits from Kellogg
The S&P 500 gained 0.4% to close at 1,767.98 while the Dow Jones Industrial Average added 0.2% to finish regular trading at 15,639.57. The Nasdaq also rose, closing 0.4% higher at 3,936.59.
Markets continued to rise into the 11th month of 2013 as the benchmark S&P 500 extended its gain for the year to 24%, poised for its best performance since 1995 during the heyday of the Internet Boom.
Along with a full slate of third-quarter earnings reports, investors this week will be watching for the government's October jobs reports scheduled for Friday. The report may offer investors further insight into whether the Federal Reserve will seek to curb the bond-buying stimulus measures that have helped boost stocks for more then four years.
Kellogg gained 0.7% to $62.74 after posting a 3% rise in quarterly profit helped by lower production costs and an announcement that the convenience foods maker of Battle Creek, Michigan plans to cut 7% of its workforce by 2017. Kellogg reported net income for the quarter of $326 million, or 90 cents per share, up from $318 million or 89 cents per share, a year earlier.
Steelmakers U.S. Steel
"Although volatility associated with this deeply cyclical sector will remain a norm, we believe that investors should start to look beyond near-term headwinds. The supply-demand fundamentals for steel are starting to look more appealing," wrote the Goldman analysts.
Earlier in the day, investors got a boost after St. Louis Fed President James Bullard said in an interview on CNBC that there was "no hurry" to curb the pace of the central bank's stimulus measures adding that inflation remained low and job growth tepid.