Dow's Triple-Digit Gain Makes Blue Chips Even in 2010

Stocks closed broadly higher Friday, helped by another slate of solid second-quarter earnings and relief over the results of European bank stress tests.

The blue-chip Dow Jones Industrial Average ($INDU) rose 102 points, or 1%, to close at 10,425; while the broader S&P 500 ($INX) gained 9, or 0.8%, to 1,103. The more volatile, tech-heavy Nasdaq Composite ($COMPX) added 24 points, or 1.1%, to finish at 2,269.

"Earnings momentum, a string of economic data showing at least some improvement, along with persistent M&A activity globally are providing support for the case for economic growth to continue," John Stoltzfus, market strategist with Ticonderoga Securities, told clients in a note.

News that most European banks appear adequately capitalized to weather further credit strains gave the market a late-day lift, allowing it to finish the week solid gains. Strong second-quarter earnings and outlooks from macroeconomic bellwethers Caterpillar (CAT), 3M (MMM) and UPS (UPS) this week helped the Dow gain 3.3% since last Friday's close. The S&P 500 added 3.6%, while the Nasdaq tacked on 4.2%.

The Dow and Nasdaq are now at breakeven for 2010, while the S&P 500 is off 1%. For more on the markets from the floor of the New York Stock Exchange (NYX), see the video below:
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Markets

NASDAQ 6,790.71 7.92 0.12%
S&P 500 2,582.14 3.29 0.13%
DJIA 23,430.33 72.09 0.31%
NIKKEI 225 22,485.22 223.46 1.00%
HANG SENG 29,260.31 0.00 0.00%
DAX 13,058.66 64.93 0.50%
USD (per EUR) 1.17 0.00 0.03%
USD (per CHF) 0.99 0.00 -0.04%
JPY (per USD) 112.57 0.03 0.02%
GBP (per USD) 1.32 0.00 0.00%

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