DOW CROSSES 13,000

U.S. stocks

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NEW YORK (CNNMoney) — Stocks gained traction, helping the Dow cross 13,000 for the first time in nearly four years. Investors grew more optimistic on news that Greece would finally get more bailout funds and stave off default.

The Dow Jones industrial average (INDU) moved up 37 points, or 0.3%. The SP 500 (SPX) added 5 points, or 0.3%. The Nasdaq (COMP) gained 9 points, or 0.3%.

The Dow is up more than 6% in 2012. The SP 500 and the Nasdaq are up 8.5% and 13.5%, respectively.

The last time the Dow closed above 13,000 was May 19, 2008. Shortly after crossing that key level Tuesday, the index retreated.

“It’s significant because anything that helps pull the retail investors back into the market is helpful,” said Nicholas Colas Chief Market Strategist ConvergEx Group. “A nice round number is a good thing.”

After weeks of negotiations and market speculation, eurozone finance ministers completed a deal early Tuesday that will provide Greece with the €130 billion in funding it needs to avoid default next month. (CNN: Eurozone approves new bailout for Greece.)

Still deal sparked only a modest rally in the U.S. and failed to push European indexes into positive territory Tuesday. “Greece was already priced in, which is why we’re not getting a big reaction,” said Doug Cote, Doug Cote, chief market strategist at ING Investment Management.

In the United States, several retailers, including Dow component Wal-Mart Stores (WMT, Fortune 500), released their quarterly results ahead of the bell. While Wal-Mart missed expectations, causing the big box retailer’s shares to drop nearly 4%, most of its competitors fared better — offering more signs of an economic recovery.

U.S. markets were closed Monday for Presidents Day. Shares finished mixed Friday with the Greek situation still unresolved.

World markets: European stocks closed down. Britain’s FTSE 100 (UKX) dropped 0.2%, the DAX (DAX) in Germany dipped 0.5% and France’s CAC 40 (CAC40) shed 0.2%.

Perilous road for European stocks

Asian markets ended mixed. The Shanghai Composite (SHCOMP) gained 0.8% and the Hang Seng (HSI) in Hong Kong ticked up 0.3%, but Japan’s Nikkei (N225) lost 0.2%.

Companies: Home Depot (HD, Fortune 500) reported fiscal fourth-quarter earnings and revenue that topped analysts’ expectations. The home improvement retailer cited favorable weather as a reason for its strong performance, saying sales at U.S. stores open a year or more climbed 6.1%.

Macy’s (M, Fortune 500) reported better-than-expected earnings and sales that were in line with forecasts.

Dell (DELL, Fortune 500) reports its quarterly results after the bell. The computer maker is expected to report earnings of 52 cents per share, down slightly from 53 cents a year ago, on revenue of $15.97 billion. Competitor Hewlett-Packard (HPQ, Fortune 500) is scheduled to report earnings on Wednesday.

Wynn Resorts (WYNN) shares climbed 7%, after reports claimed that the company will buy out Japanese gambling tycoon Kazuo Okada’s 20% stake at a big discount.

Shares of Kraft Foods (KFT, Fortune 500) edged up nearly 2%, after the company hit analysts’ earnings estimates and predicted earnings’ growth of 9% in 2012.

Currencies and commodities: The dollar was little changed against the euro and the British pound, but rose versus the Japanese yen.

Oil for March delivery, in its final day of trading, rose $1.26 to $104.55 a barrel. The more active April contract gained $1.29 to $104.89 a barrel.

Gold futures for April delivery climbed $21.60 to $1,747.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.04% from 2.01% late Friday.  To top of page

Article source: http://rss.cnn.com/~r/rss/money_topstories/~3/AM2rCYiNSsA/index.htm

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