Updated from 4:09 p.m. EDT

The

Dow Jones Industrial Average

reached another milestone Monday as Wall Street headed higher following a slew of earnings reports from Old Economy companies.

After opening to the downside, the Dow quickly turned positive and surged 114.54 points, or 0.95%, to 12,116.91, an all-time closing high. The index reached 12,125.16 earlier in the session.

Components

Wal-Mart

(WMT) - Get Report

,

General Motors

(GM) - Get Report

,

3M

(MMM) - Get Report

and

Caterpillar

(CAT) - Get Report

led the charge with gains of 2% or more.

Elsewhere, the

S&P 500

was up 8.42 points, or 0.62%, to 1377.02, and the

Nasdaq Composite

was higher by 13.26 points, or 0.57%, to 2355.56.

"We're overbought but we keep going higher," said Paul Mendelsohn, chief investment strategist with Windham Financial. "Earnings are coming in nicely, as we're looking at 15% growth, so the momentum is taking the market wherever the bulls want it to go. We may also be seeing money coming in from overseas fueling this move."

About 2.49 billion shares changed hands on the

New York Stock Exchange

, and advancers beat decliners by a 9-to-7 margin. Volume on the Nasdaq was roughly 1.88 billion shares, with losers matching winners.

"You don't have strong breadth here today, so this could be related to the options expiration on Friday," said Mendelsohn. "This could also be buyers coming in looking for performance. It's such a busy week, and we have a lot of crosscurrents."

The strength comes after stocks closed narrowly mixed Friday, when a selloff in Caterpillar kept the bulls from celebrating

Google's

(GOOG) - Get Report

huge quarter.

To view Gregg Greenberg's video take on today's market, click here

.

As the new week got started, earnings reports were rolling in. Among them was

Ford

(F) - Get Report

, which reported a third-quarter loss of $5.8 billion, or $3.08 a share, and said it would restate its results back to 2001. Excluding items, the automaker had a loss from continuing operations of $1.2 billion, or 62 cents a share. Ford fell by 11 cents, or 1.4%, to close at $7.90.

Halliburton

(HAL) - Get Report

earned $615 million, or 58 cents a share, from continuing operations for the quarter ended Sept. 30, up from the year-ago's $492 million, or 49 cents a share. Sales rose 19% from last year to $5.8 billion.

Analysts were looking for a 54-cent profit on sales of $5.54 billion. Halliburton added 48 cents, or 1.7%, to $29.26.

Dow component

AT&T

(T) - Get Report

posted a third-quarter profit of $2.17 billion, or 56 cents a share, up 74% from the same quarter last year. Excluding items, the company had adjusted earnings of 63 cents a share. Analysts expected the telecom giant to report EPS of 58 cents a share, according to Thomson First Call. AT&T reversed early weakness and ended the session higher by 27 cents, or 0.8%, to $34.71.

Toymaker

Hasbro

(HAS) - Get Report

had a profit of $100 million, or 58 cents a share, for the quarter ended Oct. 1, compared with last year's $92 million, or 47 cents a share. Sales rose to $1.04 billion from $988 million a year earlier. Sales and earnings topped estimates. Hasbro surged $2.03, or 8.7%, to $25.33.

American Express

(AXP) - Get Report

posted third-quarter earnings of $967 million, or 80 cents a share, down 6% from a year ago. Excluding items, the company earned 78 cents a share, beating estimates by 2 cents. Still, the stock slipped by $1.39, or 2.4%, to $56.65.

IBM

(IBM) - Get Report

said it is suing

Amazon.com

(AMZN) - Get Report

for infringing on some of its patents. The computer maker alleges that Amazon has illegally built its online retail store on technologies that IBM developed. Shares of IBM gained 1.2% to $91.56, and Amazon finished up 31 cents, or 1%, at $32.88.

Outside of stocks, traders are bracing for the next interest rate decision from the

Federal Reserve

. Members of the policy making Federal Open Market Committee are gathering for the first day of a two-day meeting Tuesday, with their rate announcement scheduled for Wednesday afternoon. Fed funds futures continue to price in virtual certainty that policymakers will hold the benchmark interest rate at 5.25%.

"More earnings this week and a

Federal Reserve

meeting are likely to dominate trader attention," said Ken Tower, chief market strategist with CyberTrader. "Longer-term traders may continue to sit back and enjoy the rally as the number of

New York Stock Exchange

stocks reaching 52-week new highs rose for the fourth straight week."

Crude prices traded lower, as the newly benchmarked December contract extended Friday's decline. Oil fell 52 cents to end the session at $58.81 a barrel. Gold dropped $13.50 to close at $582.90 an ounce, and silver lost 30 cents to $11.67 an ounce.

Overseas, European indices were moving higher, and stocks were mixed in Asia.