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Dow Claws Higher, Led by Boeing, AmEx

Published: Monday, 7 Dec 2009 | 10:49 AM ET

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By: CNBC.com

Stocks clawed higher Monday as an upgrade on credit-card stocks and news from Boeing helped offset worries about a rate increase.

Major U.S. Indexes

.DJIA

.NCOMP

.SPX

This came after a mixed session Friday: Stocks had soared in the morning after the jobs report, which showed just 11,000 jobs were lost from nonfarm payrolls last month, but then pulled back in the afternoon as concerns about interest rates crept into the market, pushing the dollar higher and stocks lower.

Today, the dollar hit a five-week high against the euro. Oil fell below $75 a barrel and gold dropped below $1,150 an ounce, after setting a record above $1,200 last week.

FOR INVESTORS

Federal Reserve Chairman Ben Bernanke will again command investor attention today, following his lengthy appearance at his confirmation hearing on Capitol Hill last week. He'll speak to the Economic Club of Washington at noon New York time. New York Fed President William Dudley also has a public appearance his schedule today, though that doesn't come until after the markets close. He'll speak to a Columbia University audience at 5:45 pm.

Only one economic number is on the schedule for today and that doesn't come until 3 pm, when the government issues consumer credit figures for October. Economists think outstanding credit shrank by $10 billion during the month, compared with a drop of $14.8 billion in September.

Winterizing Your Portfolio - A CNBC Special Report

The big buzz this morning was that the government slashed its projected loss from the TARP program — $42 billion instead of more than $200 billion.

According to published reports this morning, the government will announce that estimate losses from the TARP program should come in around $42 billion, or around $200 billion less than originally estimated.

Bank of America [BAC Loading... () ] last week announced that it had raised almost $19.3 billion in a stock offering, which it plans to use to help pay back the $45 billion it owes the government in TARP funds.

Now, Citigroup [C Loading... () ] is trying to persuade the government to let it pay back $20 billion in taxpayer funds, the Financial Times is reporting. It wants to do so before a window to launch a share sale shuts next week.

AIG [BAC Loading... () ] was back in the news: Five executives may quit as they are unhappy with recent pay cuts.

Boeing [BA Loading... () ] led the Dow pack following news that, after countless delays, the Dreamliner 787 will take its first test flight as early as next week.

American Express [AXP Loading... () ] was one of the biggest gainers on the Dow after Bank of America-Merrill Lynch upgraded the stock, along with Capital One and Discover, to "neutral" from "underperform."

Kraft [KFT Loading... () ] rose after Cadbury said it would formally reply to Kraft's $16 billion offer on Dec. 14.

Shares of New York Community Bancorp [NYB Loading... () ] jumped after the company said it will issue 60 million shares publicly. The comes in conjunction with its Friday's purchase of certain assets and deposits from AmTrust bank on Friday and will help bolster regulatory capital levels.