Dow marches toward 12,000 (ext)

NEW YORK (CNNMoney) -- Stocks got the week off to a solid start Monday, with the Dow slowly clawing its way toward the 12,000 mark.

The Dow Jones industrial average (INDU) closed at 11,980, up 109 points, or 0.9% from the prior trading session.

The blue-chip index has been on an upward trend since Thanksgiving, and is now within a stone's throw of 12,000 -- a level last seen on June 18, 2008.

Meanwhile, the S&P 500 (SPX) gained 7 points, or 0.6%; and the Nasdaq (COMP) rose 28 points, or 1%.

While analysts say a slight pullback could be in the cards soon, companies are reporting strong earnings, which should drive continued positive momentum over the long term.

"American companies are doing quite well, and I think that's going to eventually show up in the employment numbers," said Chad Cunningham, chief investment officer at Iron Horse Capital Management. "If we get any sort of a short-term technical pullback, I think it's a good time to allocate money to U.S. equities."

The rest of the week brings an onslaught of earnings results from blue chip companies, as well as the latest readings on consumer confidence, new home sales and the overall economy. Cunningham said he expects to see slight improvement in all the economic indicators.

The dollar rose against the British pound, but fell against the euro and the Japanese yen.

Oil for March delivery slipped $1.24 to settle at $87.87 a barrel.

Gold futures for February delivery rose $2.90 to settle at $1,345.50 an ounce on the Chicago Mercantile Exchange.