Stocks turned higher Monday, with the Dow extending its all-time high, as investors seemed to shrug off earlier worries over disappointing economic data from China and weakness in Europe.
The Dow Jones Industrial Average drifted higher following a weak open, led by Boeing and UnitedHealth, extending its gains after closing above 14,400 for the first time last week.
The blue-chip index is up more than 10 percent for the year and on track for its biggest quarterly gain since the fourth quarter of 2011.
The S&P 500 and the Nasdaq also poked into positive territory. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, dipped below 12 for the first time since April 2007.
(Read More: The Big Bet That the S&P Will Soon Make an All-Time High)
Among key S& sectors, financials traded higher, while telecoms held modest losses.
General Electric chief Jeff Immelt said the conglomerate plans to return $18 billion to investors through dividends and buybacks, adding that dividend growth is a top priority for the company. Meanwhile, Nomura downgraded its rating on GE to "neutral" from "buy."
Citigroup edged higher after RBS upgraded the bank to "buy" from "neutral."
Dell gained after Icahn Enterprises said it had entered into a confidentiality agreement with the computer hardware maker and looked forward to commencing a review of the company.
BlackBerry soared following news the company's highly anticipated BlackBerry Z10 will be sold through AT&T by March 22. The U.S. launch of the company's newest smartphone was delayed due to a longer carrier-testing phase.
Genworth rallied to lead the S&P 500 gainers after a Barron's article over the weekend said the mortgage insurer's stock could almost double in the next year, thanks to gains in mortgage and health-care pricing.
(Read More: Why Italy Could Be the Next 'Bad Boy of Europe')
"We're in unchartered territory, but the higher this market goes without a pullback, the more investors have to be concerned that underneath the surface, risk begets risk," said Quincy Krosby, market strategist with Prudential Financial. "Last week was impressive and investors want to see the S&P 500 similarly make new highs. But the market's resting right now and it's waiting for further confirmation to move higher."
Among earnings, Dick's Sporting Goods tumbled after the sporting goods retailer missed quarterly expectations. The company said lower-than-expected sales of outerwear and cold weather accessories offset some positive trends in areas such as athletic footwear and apparel.
Apparel retailer Urban Outfitters is scheduled to post earnings after the closing bell.
China's Shanghai Composite declined after data showing industrial production and retail sales in China for the January and February period missed expectations. In addition, inflation rose in February, igniting worries of potential monetary tightening. Meanwhile, Japan's Nikkei hit a new four-and-a-half year high, fueled by weakness in the yen.
European shares traded lower, pulling back from four-year highs, dragged by banks on the heels of Italy's credit downgrade from Fitch to BBB-positive last Friday. The downgrade follows a week of political haggling after no party gained sufficient votes in a national election to form a government.
?By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
? 2013 CNBC LLC. All Rights Reserved
Source: http://www.nbcnews.com/business/stocks-turn-higher-dow-extends-all-time-high-1C8780233
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