* Energy shares get boost from oil prices
* Investors lock in profits as earnings season gears up
* Dow up 0.2 pct, S&P 500 up 0.4 pct, Nasdaq off 0.01 pct
* For up-to-the-minute market news, click []
(Updates with volume, adds gains for energy and drug sector
indexes)
By Leah Schnurr
NEW YORK, Oct 12 (Reuters) - The S&P 500 managed a sixth
consecutive day of gains on Monday to end at its closing high
for the year as energy shares rose alongside the price of oil.
But the market lost some strength in the afternoon and the
Dow and Nasdaq ended little changed as investors opted to lock
in profits before earnings season picks up steam. Volatility
was heightened by light volume, with many market players away
for the Columbus Day holiday.
"You're seeing prudence taking the lead here, with people
starting to lock in profits in hopes we don't see a pretty big
move down after some of the larger companies report over the
next few days," said Michael James, senior trader at regional
investment bank Wedbush Morgan in Los Angeles.
Results from major banks will be in the spotlight this week
with JPMorgan Chase & Co <JPM.N>, Citigroup Inc <C.N>, Goldman
Sachs Group <GS.N> and Bank of America Corp <BAC.N> all set to
report. The S&P financial index <.GSPF> rose 0.9 percent.
Other major reports this week include Intel <INTC.O> and
Google <GOOG.O>. For details, see []
With the last two quarters characterized by cost cutting
and layoffs, analysts will be looking for signs of revenue
growth from corporate reports and guidance.
"I think what everyone will key into is we've seen what
you've done on the cost side of the house; tell us how and when
the revenues are going to start to flow through," said Kurt
Brunner, portfolio manager at Swarthmore Group in Philadelphia,
Pennsylvania.
Black & Decker Corp <BDK.N> jumped 7.6 percent to $50.82 as
the power tools maker raised its third-quarter earnings
outlook, citing better-than-expected shipments.
[].
The Dow Jones industrial average <> added 20.86 points,
or 0.21 percent, to 9,885.80. The Standard & Poor's 500 Index
<.SPX> gained 4.70 points, or 0.44 percent, to 1,076.19. The
Nasdaq Composite Index <> was off 0.14 point, or 0.01
percent, to 2,139.14.
CHEVRON AND GOOGLE CLIMB
The S&P 500 hit a 2009 intraday high of 1,079.46 before
cutting gains but still racked up its longest winning streak
since another six-day runup in late May and early June 2007.
Analysts said the S&P 500 faces resistance around the 1,080
level.
Chevron <CVX.N> and Exxon Mobil Corp <XOM.N> were among the
Dow's biggest boosts as optimism about the economic recovery
pushed the price of oil up 2.1 percent. Front-month U.S. crude
oil futures <CLc1> gained $1.50 to settle at $73.27 a barrel.
Chevron's stock rose 1.3 percent to $73.67 and Exxon put on 1.2
percent to $70.13. An index of oil stocks <.OIX> advanced 0.8
percent.
Google rose 1.5 percent to $524.04 after several analysts
raised their price targets on the stock before its
third-quarter results, due on Thursday. []
Onyx Pharmaceuticals Inc <ONXX.O> shot up 5.1 percent to
$28.26 after the company agreed to buy Proteolix for an upfront
cash payment of $276 million. [] An index of
pharmaceutical stocks gained 0.8 percent.
Investors have taken recent M&A as further evidence that
the economy is stabilizing.
Volume was light on the New York Stock Exchange, with only
946.81 million shares changing hands, below last year's
estimated daily average of 1.49 billion, while on the Nasdaq,
about 1.79 billion shares traded, below last year's daily
average of 2.28 billion.
Advancing stocks outnumbered declining ones on the NYSE by
a ratio of 8 to 7.
But the reverse trend prevailed on the Nasdaq, where seven
stocks fell for every six that rose.
(Editing by Jan Paschal)
