Stocks point to higher open with earnings reports

NEW YORK (AP) — Stocks appear poised for further gains Monday, after a week in which major indexes reached levels last seen more than two years ago.

Stronger earnings and economic reports helped both the Dow Jones industrial average and the S&P 500 index surpass significant milestones last week. The Dow closed above 12,000 and the S&P 500 index above 1,300 for the first time since 2008.

This week is light on economic data, but plenty of companies will release quarterly earnings.

Ahead of the opening bell Monday, toy maker Hasbro reported a drop in quarterly profit. But Hasbro's results still beat analysts' expectations. Loews Corp. said earnings rose 16 percent, even as revenue slipped slightly. Costs fell 5.8 percent.

Lorillard said profits rose 7 percent as the maker of Newport and Maverick brands sold more cigarettes at higher prices. Lorillard rose 4 percent in pre-market trading.

Online company AOL Inc. said early Monday that it will buy the Huffington Post, an online news and opinion website, for $315 million. Arianna Huffington, the site's co-founder and political pundit, will join AOL's management team as part of the deal.

Dow Jones industrial average futures are up 25 points, or 0.2 percent, at 12,070. S&P 500 futures are up 4, or 0.3 percent, at 1,310. Nasdaq 100 futures are up 3, or 0.1 percent, at 2,340.

Stocks made solid gains last week: The Dow rose 2.3 percent and the S&P 500 2.7 percent. Both indexes are trading at levels last seen in June 2008, three months before the worst of the financial crisis.