Dow Closes Above 11,000 for First Time Since the Fall of '08

NEW YORK (TheStreet) -- The Dow closed above 11,000 for the first time since September 2008 as details on eurozone Greece aid and expectations for a strong earnings season lifted market confidence.

The Dow Jones Industrial Average gained 9 points to close 0.08% higher at 11,006. The S&P 500 added 2 points, or 0.2%, to finish at 1197, and the Nasdaq advanced by 4 points, or 0.2%, to close at 2458.

After the closing bell, Alcoa(AA) reported first-quarter earnings that met analysts' estimates for 10 cents a share, which excludes one-time items. Sales of $4.9 billion rose roughly 18% from a year-ago but missed analysts' estimates for sales of $5.2 billion. The aluminum company blamed weaker-than-expected sales on weak demand, which offset stronger aluminum prices. Shares closed the trading session 1.3% higher at $14.57 but were losing 0.7% in after-hours trading.

Helping lift shares early in the day's session was weekend news that eurozone ministers pledged 30 billion euros in backstop aid to help Greece. A report also says the International Monetary Fund is prepared to help with another 10 billion euros.

"I guess we came in with somewhat of an upward bias on the resolution of this Greek debacle," said Jack Ablin, chief investment officer at Harris Private Bank. "But besides that, it looks like we're trading higher on anticipation of better than-expected profits this quarter."

Ablin, however, didn't have high expectations for Alcoa.

"Their stock has done pretty poorly," he said, noting that shares are trading lower since the beginning of the year. "I think, unfortunately, we're going to start off on the wrong foot with Alcoa."

China reported its first monthly trade deficit in nearly 6 years in March, landing at a reported $7.24 billion.

Overseas, Hong Kong's Hang Seng lost 0.3%, and Japan's Nikkei rose 0.4%. The FTSE in London went ahead by 0.1%, while the DAX in Frankfurt added 0.02%.

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