Jump in crude oil prices helps lift stock market

Stocks are extending recent gains at the start of a busy week of earnings, nudging the Dow Jones industrial average closer to 10,000.

Major market indicators rose moderately early Monday, including the Dow, which rose as much as 65 points to hit a new 2009 high of 9,929. That's just 71 points away from 10,000, a level not seen in a year. The Standard & Poor's 500 index was just shy of its 2009 high of 1,080.

A weaker dollar drove oil and other commodities higher, giving energy, material and industrial stocks a lift. Stocks also got a boost from a better-than-expected profit report from Dutch company Royal Philips Electronics, which sent Britain's leading stock indicator to its highest level in a year.

Trading on Monday is expected to be fairly light as much of the country observes the Columbus Day holiday. No major economic reports are scheduled and government bond markets are closed.

A flurry of earnings reports, including ones from the nation's largest banks, will occupy the market's attention the rest of this week. JPMorgan Chase & Co. reports on Wednesday, followed by Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. A number of major technology firms, including Intel Corp., Google Inc. and International Business Machines, will also report results this week.

At banks, investors are hoping to see signs that consumer loan defaults, including mortgages, are starting to level off, and will be looking for any potential trouble with commercial real estate loans. Overall, the market wants to see evidence that an economic recovery is under way.

Earnings season got off to a good start last week when aluminum maker Alcoa Inc. reported a surprise profit. That helped lift the Dow to its highest level in a year, giving the index a 4 percent gain for the week, its best weekly performance since July. The Dow now stands less than 100 points away from the 10,000 mark, a level it has not seen since October 2008.

In midday trading, the Dow rose 39.98, or 0.4 percent, to 9,904.92. The Standard & Poor's 500 index rose 6.03, or 0.6 percent, to 1,077.52.

S&P trading data was frozen earlier in the session amid a problem at the Chicago Board Options Exchange, which distributes S&P index information. The issue has been resolved, an S&P spokesman said.

The Nasdaq composite index rose 10.04, or 0.5 percent, to 2,149.32.