* Industrial shares lift Dow, S&P to new 15-mo high
* Brokerage cuts Procter & Gamble after Venezuela move
* Dow up 0.4 pct, S&P 500 up 0.2 pct, Nasdaq down 0.2 pct
* For up-to-the-minute market news, click []
(Updates to close)
By Rodrigo Campos
NEW YORK, Jan 11 (Reuters) - U.S. industrial shares lifted
the Dow and the S&P 500 on Monday to new 15-month highs after
China bolstered expectations the world economy would
strengthen, but Nasdaq fell on profit-taking in tech stocks.
China reported record imports of some commodities and
stronger-than-expected exports, boosting U.S. companies with
large international operations, like construction machinery
maker Caterpillar Inc <CAT.N> and aluminum producer Alcoa Inc
<AA.N>.
"There's definitely a China effect on U.S. stocks today,"
said Peter Boockvar, equity strategist at Miller Tabak & Co in
New York.
Alcoa closed 2.5 percent higher at $17.45 before reporting
after the market's close a narrower fourth-quarter net loss of
$277 million, or 28 cents per share. For details see
[].
Alcoa's revenue fell to $5.43 billion from $5.68 billion
but was higher than the average analyst estimate of $4.86
billion, according to Thomson Reuters I/B/E/S.
Alcoa was the first Dow component to announce results,
launching the earnings season that will show whether profits
and outlooks will be strong enough to sustain stocks' advance.
Caterpillar shares jumped 6.3 percent to $64.13, its
largest daily advance since late July.
Large technology shares dragged the Nasdaq lower, with
Apple Inc <AAPL.O> down 0.9 percent to $210.11, and Microsoft
Corp <MSFT.O> down 1.3 percent to $30.27.
International Business Machines Corp <IBM.N> fell 1.2
percent to $129.30 and cut gains on the Dow industrials.
"A lot of the high-profile technology names that have had
extraordinary runs are taking a breather," Boockvar said.
The Dow Jones industrial average <> gained 45.80
points, or 0.43 percent, to 10,663.99. The Standard & Poor's
500 Index <.SPX> rose 2.00 points, or 0.17 percent, to
1,146.98. The Nasdaq Composite Index <> fell 4.76 points,
or 0.21 percent, to 2,312.41.
The S&P 500 has risen every trading day so far in 2010, the
second-longest streak starting a year since 1987's seven
straight days of gains.
Data from China showed the country ended 2009 with record
monthly imports of crude oil and soybeans and a strong appetite
for iron ore and copper, while its exports rose 17.7 percent
year-over-year, dwarfing a forecast for a 4 percent rise. For
details see [] [].
United Parcel Service <UPS.N> rose 4.4 percent to $62.82
and FedEx Corp <FDX.N> was up 2.7 percent to $87.25. An analyst
at Stifel Nicolaus said both rose on expectations the unusually
cold weather will drive U.S. consumers to online shopping,
increasing shipment volumes.
UPS and Caterpillar helped lift the S&P industrial sector
<> 1.2 percent, making it the best performing group.
Citigroup raised its long-term oil price estimate to $80
per barrel from $65 and upgraded some energy companies,
including Chevron Corp <CVX.N>, whose shares rose 1.8 percent
to $80.88.
Among decliners, Dow component Procter & Gamble <PG.N>
shares fell 0.4 percent to $60.20 after BMO Capital Markets cut
its rating on the stock on concern Friday's devaluation in
Venezuela could hurt sales and revenue as products will be more
expensive. [].
Among the top percentage decliners on the Dow was Walt
Disney Co <DIS.N>, which lost 2 percent to $31.25 after it was
downgraded by Janney Capital Markets.
(Editing by Kenneth Barry)
