Dow rises above 13,000 on earnings, Alcoa

NEW YORK (Reuters) - The Dow Jones industrial average charged through 13,000 on Wednesday, powered by higher-than-expected earnings reports and data that calmed worries about the economy.

Dow component Alcoa Inc., the world's largest aluminum company, gave the blue-chip average an added bounce after saying it will explore strategic alternatives for several of its units, sending Alcoa's shares up 5.1 percent to $35.74.

Orders for durable goods -- costly and long-lasting manufactured items -- rose more than expected in March, according to the Commerce Department. The data helped to calm concerns about the U.S. economy that had cast a pall over the surprisingly strong earnings season.

"The earnings recession has been delayed -- again -- as earnings are now looking to post gains in the double digits for the quarter," said Tom Sowanick, chief investment officer at Clearbrook Financial LLC in Princeton, New Jersey.

"The Dow at 13,000 has no fundamental meaning but does have psychological value as a hurdle. Once we go through the hurdle, the natural thing is to think of 14,000."

The Dow Jones industrial average was up 49.57 points, or 0.38 percent, at 13,003.51. The Standard & Poor's 500 Index was up 6.43 points, or 0.43 percent, at 1,486.84. The Nasdaq Composite Index was up 6.58 points, or 0.26 percent, at 2,531.12.

Specialty glass maker Corning Inc. and beverage and snack company PepsiCo Inc. were among the companies reporting profits that topped Wall Street estimates.

The Nasdaq composite was lifted by Amazon.com Inc. after the online retailer said late on Tuesday quarterly profit more than doubled. Amazon shares shot up 20 percent to $53.65.

Aerospace manufacturer Boeing Co. posted higher-than-forecast earnings. The stock rose only slightly, its gains capped by a lackluster revenue outlook.

Boeing shares were up 0.1 percent to $93.85.