Wall Street continues to rise on the back of the weak dollar, which is helping push mining and energy stocks higher.

It is the first trading day of the week after markets were closed on Monday for President Day.

Merck, which recently took over rival Schering-Plough, reported a rise in net income to $6.49bn from $1.64bn last year. Revenue came to $10.09bn, beating estimates of around $9.7bn.

The Dow Jones 30-share industrial average is up 118 points at 10,217, while the broader based S&P 500 is 14 points higher at 1,089. The tech-heavy NASDAQ is 22 higher at 2,205.

Shares in Kraft Foods, the US food company whose bid for UK chocolate maker Cadbury was accepted last month, dropped after reporting fourth-quarter revenues that came in slightly short of expectations. That makes it one of two fallers on the Dow.

Profits rose to $710m, or 48 cents a share, in the three month ending 31 December from $180m, or 12 cents a share, thanks to lower restructuring costs. Revenue increased 3.2% to $11bn, though organic revenue, which excludes divestitures, acquisitions and currency fluctuations, rose only 0.4%.

Royal Bank of Scotland has sold the metals, oil and European energy business of its RBS Sempra unit to JP Morgan for $1.7bn (£1.1bn) in cash. The UK bank, told late last year by the European Commission to sell the asset for receiving government bailout money, said its share of the cash after US utility group Sempra Energy takes its cut is about 47%.

But there was disappointment that President Obama's plans for a crackdown on proprietary trading appear to have persuaded JPM not to buy the joint venture's American division.

Shares in JP Morgan and Bank of America are higher on the day helped by positive figures from Barclays.

US mall giant Simon Properties Group has offered $10bn, predominantly in cash, to acquire struggling rival General Growth Properties. "Simon is in the unique position of being able to offer General Growth creditors and shareholders full, fair and immediate value", said chief executive David Simon.

Auto parts store operator Genuine Parts reported fourth quarter earnings 22% higher than average estimates.

First Solar, whose share price has been weak this year, beat market expectations for its fourth quarter earnings.

Uniform supplier Cintas has forecast third quarter earnings below previous market expectations.


S&P 500 - Risers
Genuine Parts Co (GPC) $41.01 +7.38%
Range Res Corp. (RRC) $52.83 +6.49%
United States Steel (X) $51.02 +6.34%
A K Steel Holdings Corp. (AKS) $22.93 +5.77%
First Solar Inc. (FSLR) $121.11 +5.22%
Republic Svcs Inc. (RSG) $27.24 +4.65%
Cliffs Natural Resources Inc (CLF) $47.96 +4.56%
Western Digital Corp. (WDC) $41.57 +4.32%
International Paper (IP) $23.54 +4.30%
N Y Times Class A (NYT) $11.09 +4.23%

S&P 500 - Fallers
Cintas Corp. (CTAS) $24.00 -2.44%
Wellpoint Inc. (WLP) $57.96 -2.31%
Pulte Homes Inc. (PHM) $11.51 -1.96%
Kraft Foods Inc. (KFT) $28.54 -1.89%
Gap Inc. (GPS) $19.63 -1.60%
Hasbro Inc. (HAS) $34.98 -1.60%
Unitedhealth Group (UNH) $31.71 -1.46%
Amazon.Com Inc. (AMZN) $118.00 -1.39%
Cigna Corp. (CI) $32.40 -1.10%
Gamestop Corp. (GME) $18.96 -1.10%

Dow Jones I.A - Risers
Bank Of America Corp. (BAC) $14.91 +3.18%
Merck & Co. Inc. (MRK) $37.98 +2.86%
Boeing Co. (BA) $61.12 +2.46%
Chevron Corp. (CVX) $72.68 +2.35%
Alcoa Inc. (AA) $13.55 +2.05%
General Electric Co. (GE) $15.86 +1.99%
Intel Corp. (INTC) $20.79 +1.75%
Hewlett-Packard Co. (HPQ) $49.24 +1.61%
JP Morgan Chase & Co. (JPM) $39.55 +1.54%
Caterpillar Inc. (CAT) $56.97 +1.37%

Dow Jones I.A - Fallers
Kraft Foods Inc. (KFT) $28.54 -1.89%
Pfizer Inc. (PFE) $17.75 -0.28%

Nasdaq 100 - Risers
First Solar Inc. (FSLR) $121.11 +5.22%
Nii Holdings Inc. (NIHD) $37.88 +5.02%
Virgin Media Inc. (VMED) $14.88 +4.71%
Seagate Technology (STX) $19.52 +4.39%
Autodesk Inc. (ADSK) $25.10 +3.63%
Dish Network Corp. (DISH) $18.98 +3.26%
Expeditors International Of Washington Inc. (EXPD) $33.94 +3.26%
Expedia Inc. (EXPE) $22.03 +3.19%
Joy Global Inc. (JOYG) $48.69 +2.98%
Foster Wheeler AG (FWLT) $27.66 +2.71%

Nasdaq 100 - Fallers
Cintas Corp. (CTAS) $24.00 -2.44%
Amazon.Com Inc. (AMZN) $118.00 -1.39%
Research In Motion Ltd. (RIMM) $70.46 -1.22%
Activision Blizzard Inc. (ATVI) $11.00 -0.99%
Teva Pharmaceutical Industries Ltd. Ads (TEVA) $58.36 -0.85%
FLIR Systems Inc. (FLIR) $26.47 -0.56%
Genzyme Corp. (GENZ) $55.43 -0.54%
Microchip Technology Inc. (MCHP) $27.13 -0.37%
Gilead Sciences Inc. (GILD) $46.86 -0.32%
Ross Stores Inc. (ROST) $46.32 -0.24%

Related shares