Wall Street goes into the shortened trading week with some decidedly positive momentum, with both the Dow and S&P 500 coming off their highest closing levels since December 2007. The Dow has the distinction of being the closest to the all-time highs of October 2007, closing Friday within 3.6% of that mark.
The housing market's comeback will be in focus on the economic calendar today, with the National Association of Realtors out with December existing home sales at 10am ET. Economists expect sales to be up 2.0% from November levels to an annual rate of 5.14 million units. That would follow a 5.9% jump in November.
Four Dow components top this morning's corporate earnings list: DuPont (DD), Johnson & Johnson (JNJ), Travelers (TRV), and Verizon (VZ). TD Ameritrade (AMTD), Freeport-McMoRan (FCX), and Regions Financial (RF) are also out with quarterly numbers this morning.
This afternoon's after-the-bell earnings list also has high-profile names, including IBM (BIM), Google (GOOG), Texas Instruments (TXN), Advanced Micro Devices (AMD), and Norfolk Southern (NSC).
Boeing (BA) leads our watch list, with the company saying it will not deliver any new 787 jets until the FAA approves a compliance method for its recent airworthiness directive on the jet's batteries, and that fix has been implemented.
Walt Disney (DIS) has filed CEO Bob Iger's 2012 compensation figures with the SEC, with Iger making a total of $40.2 million, up 20% from 2011.
Research In Motion (RIMM) is considering strategic alliances with other companies once its new BlackBerry 10 models have been launched. CEO Thorsten Heins told Germany's Die Welt that's an option being considered, along with the possible sale of the company's hardware production unit.
Apple (AAPL) is reportedly set to introduce an iPhone 5S in June, according to the China Times, which cites industry sources.
Time Warner Cable (TWC) could be gaining the Los Angeles Dodgers TV broadcasts from Fox Sports in 2014, according to the Los Angeles Times, though the paper says no final decision has been made.
Toyota (TM) will name Takeshi Uchiyamada as its chairman sometime this year, according to Reuters. Uchiyamada led the development of the Prius hybrid. He would replace Fujio Cho, who has been chairman since 2006.