The Dow lost -17.10 (-0.13%) to close at 12,845.13.

Greece’s political leaders were expected to resume talks today, however those discussions were pushed back until Tuesday over disagreements on additional job and salary cuts, as well as pension reforms and tougher tax enforcement.

European stocks closed lower while Asian markets ended mixed.

The dollar was up against the euro, British pound and Japanese yen.

Oil for March delivery was down 65 cents to $97.19 a barrel.

Gold futures for April delivery was down $15.10 to $1,722.80 an ounce.

The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.90% from 1.95% late Friday.

BAC, CVX, XOM, PG , VZ and DIS were the big Dow stock gainers this day with Bank of America (BAC) coming real close to hitting $8 dollars and closing at the days high of $7.97.

It was a boring inside day.

Bank of America

The Market

Greece talks to resume today after political leaders failed to strike a deal over the weekend.

European stocks fell in midday trading while Asian markets ended mixed.

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

Oil for March delivery lost 93 cents to $96.91 a barrel.

Gold futures for April delivery lost $22.50 to $1,717.80 an ounce.

The price on the benchmark 10-year U.S. Treasury is up, pushing the yield down to 1.93% from 1.95% late Friday.

Disney (DIS) reports earnings on 2/7/2012 after the market close.

Coca Cola (KO) reports earnings on 2/7/2012 before the market open.

Cisco (CSCO) reports earnings 2/8/2012 after the market close.

Home Depot (HD) reports earnings on 2/21/2012 before the market open.

Kraft Foods (KFT) reports earnings on 2/21/2012 after the market close.

Wal-Mart (WMT) reports earnings on 2/21/2012 before the market open.

Hewlett Packard (HPQ) reports earnings on 2/22/2012 after the market close.

Earnings Reports

Earnings reports (confirmed releases): APC-Anadarko Petroleum (earnings consensus $0.63), YUM-YUM! Brands (0.74), SYY-Sysco (0.44), L-Loews (0.90), HUM-Humana (1.21), PXD-Pioneer Natural Resources (1.03), HCA-HCA Holdings (0.76), NLSN-Nielsen Holdings NV (0.49), CNA-CNA Financial (0.70), UNM-Unum Group (0.75), AGNC-American Capital Agency (1.17), UDR-UDR Inc. (-0.08), BWP-Boardwalk Pipeline Partners LP (0.41), TMK-Torchmark (1.24), HAS-Hasbro (1.05), SUN-Sunoco (-0.23).

Financial Calendar

0855 ET St. Louis Fed President James Bullard speaks on inflation targeting in the U.S. at the Union League Club of Chicago.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1215 ET Dallas Fed President Richard Fisher speaks to the Institute of International Finance on the economic and monetary outlook.

Pay particular attention to the LinkedIn IPO. It’s probably the most similar to what might happen with the Facebook IPO.

Recent NYSE IPO’s

Data Is: Company Name (Symbol), Offering Size $, IPO Date, Priced at $, First Day Open $, First Day Close $, Current Share Price $ (2/3/12)

Bankrate Inc. (RATE), $188 million, June 17 2011, $15.00, $14.00, $15.73, $24.76 (+1.10% Friday 2/3/2012)

HCA Holdings Inc. (HCA), $4.3 billion, March 10 2011, $30.00, $31.20, $31.02, $26.46 (+4.71% Friday 2/3/2012)

Kinder Morgan (KMI), $3.3 billion, Feb. 11 2011, $30.00, $31.70, $31.05, $31.92 (-0.81% Friday 2/3/2012)

LinkedIn Corp. (LNKD), $353 million, May 19 2011, $45.00, $83.00, $94.25, $79.88 (+3.77% Friday 2/3/2012)

Michael Kors Holdings Ltd. (KORS), $944 million,December 15 2011, $20.00, $25.00, $24.20, $32.51 (+2.65% Friday 2/3/2012)

Nielsen Holdings (NLSN), $1.9 billion, Jan. 26 2011, $23.00, $24.75, $25.00, $30.22 (+5.15%% Friday 2/3/2012)

Pandora Media (P), $234 million, June 15 2011, $16.00, $20.00, $17.42, $13.81 (+3.68% Friday 2/3/2012)

Recent Nasdaq IPO’s

Data Is: Company Name (Symbol), Offering Size $, IPO Date, Priced at $, First Day Open $, First Day Close $, Current Share Price $ (2/3/12)

Angie’s List (ANGI), $114 million, Nov. 17 2011, $13.00, $17.02, $16.26, $14.91 (+1.57% Friday 2/3/2012)

Dunkin’ Brands Group, Inc. (DNKN), $422 million, July 27 2011, $19.00, $24.97, $27.85, $28.76 (+3.19% Friday 2/3/2012)

Groupon, Inc. (GRPN), $700 million, Nov. 4 2011, $20.00, $30.00, $26.11, $24.43 (+5.85% Friday 2/3/2012)

Jive Software, Inc. (JIVE), $161 million, Dec. 13 2011, $12.00, $16.50, $15.05, $17.09 (+14.78% Friday 2/3/2012)

Yandex NV (YNDX), $1.3 billion, May 24 2011, $25.00, $38.50, $39.00, $21.82 (+2.01% Friday 2/3/2012)

Zynga Inc. (ZNGA), $1 billion, Dec. 16 2011, $10.00, $11.50, $9.50, $13.39 (+8.11% Friday 2/3/2012)

The Dow closed up +156.82 (+1.23%) at 12,862.23, or 137.77 points from 13,000. That’s a new 4-year high. Nasdaq hit a new 11-year high.

For the week,DJIA is up 1.6%, Nasdaq+3.2%, S&P 500 +2.2% and Russell 2000 +4.0%.

Year-to-date DJIA is up +5.3%, Nasdaq +11.5%, S&P 500 +6.9% and Russell 2000 +12.2%

My favorite mutual funds PSVIX and ODVYX are up +5.82% and +11.73% respectively for the year.

The biggest Dow 30 stock gainer today was Bank of America (BAC) up +5.23%. There were two losers, Merck (MRK) and Proctor & Gamble (PG).

The Early Gainers list and Small Dogs each had all five components up today.

Merck (MRK) reported earnings of $0.97(actual) vs $0.951(est) yesterday, 2/2/2012.

Disney (DIS) reports earnings on 2/7/2012 after the market close.

Coca Cola (KO) reports earnings on 2/7/2012 before the market open.

Cisco (CSCO) reports earnings 2/8/2012 after the market close.

Home Depot (HD) reports earnings on 2/21/2012 before the market open.

Kraft Foods (KFT) reports earnings on 2/21/2012 after the market close.

Wal-Mart (WMT) reports earnings on 2/21/2012 before the market open.

Hewlett Packard (HPQ) reports earnings on 2/22/2012 after the market close.

The Market

Employers went on a hiring spree in January and knocked down the unemployment rate for a fifth straight month to 8.3 percent, its lowest level in almost three years. Employers have added an average of 201,000 jobs per month in the past three months which is 50,000 more jobs per month than the economy averaged in each month last year.

European stocks were higher in midday trading and Asian markets ended mixed.

The dollar was down against the euro and the British pound, but rose versus the Japanese yen.

Oil for March delivery was up 59 cents to $96.94 a barrel.

Gold futures for April delivery was down $8.40 to $1,750.90 an ounce.

The price on the benchmark 10-year U.S. Treasury fell, moving the yield up to 1.83% from 1.82% late Thursday.

Are you ready for the Super Bowl, Madonna half-time show and Goddady ads?

Earnings Reports

Earnings reports (confirmed releases): SPG-Simon Property Group (earnings consensus $0.86), SCCO-Southern Copper (0.63), EL-Estee Lauder (1.01), NLY-Annaly Capital Management (0.56), AON-AON Corp. (0.96), WY-Weyerhaeuser (0.06), CLX-Clorox (0.69), BEAM-Beam (0.67), CEG-Constellation Energy Group (0.62), MAC-Macerich (0.29), TSN-Tyson Foods (0.34), TRIP-TripAdvisor (0.38), UFS-Domtar (2.25), WTM-White Mountains Insurance Group (3.40), BRO-Brown & Brown (0.23).

Financial Calendar

0830 ET Jan non-farm payrolls expected +145,000, Dec +200,000. Jan private payrolls (ex-government) expected +165,000, Dec +212,000. Jan unemployment rate expected unchanged at 8.5%, Dec -0.2 to 8.5%. Jan manufacturing payrolls expected +13,000, Dec +23,000. Jan avg hourly earnings all employees expected +0.2% m/m and +1.9% y/y, Dec +0.2% m/m and +2.1% y/y. Jan avg weekly hours all employees expected no change at 34.4 hours, Dec +0.1 to 34.4 hours.

1000 ET Jan ISM non-manufacturing index expected +0.6 to 53.2, Dec +0.6 to 52.6.

1000 ET Dec factory orders expected +1.5%, Nov +1.8%.

Top Dow stock gainer was Alcoa (AA), up +2.16

Top Dow stock loser was Disney (DIS), down -1.07%.

Today, Fed chairman Ben Bernanke told Congress the economy has shown some signs of improvement recently and described the pace of the recovery as “frustratingly slow.”

The market is still looking for an official agreement on a debt-reduction plan and second bailout for Greece. It’s the same old line on a different day. Everyday. I can’t remember when it wasn’t the news.

European stocks closed moderately higher. Asian markets ended higher too.

The dollar was up against the euro and the British pound, but fell versus the Japanese yen.

Oil for March delivery slipped $1.25 cents to settle at $96.36 a barrel.

Gold futures for April delivery rose $9.80 to $1,759.30 an ounce.

The price on the benchmark 10-year U.S. Treasury fell, moving the yield up to 1.85%.

Pre-market, futures are down a bit as we get comments from Fed chairman Ben Bernanke and also keep an eye on Greece’s debt talks. Gainers this morning include JDSU, EA, QCOM, ALL and IPG while losers include MDT, COF, CMG, PRU and ACN. Light crude is down -0.37% at 97.25 and gold is up +0.10% at 1,751.30.

The Market

Merck (MRK) is up a bit this morning after posting a net fourth-quarter profit of $1.51 billion, or 49 cents per share, compared with a loss of $531 million, or 17 cents a share, a year ago.

Greek officials appear to be making progress toward a debt-reduction agreement with private-sector creditors and a second bailout.

Ben Bernanke heads to Capitol Hill to testify about the Fed’s economic outlook before the House Budget Committee at 10 a.m. ET.

The Labor Department released its latest data on initial unemployment claims and productivity before the bell showing that the number of people filing were slightly lower than expected.

Initial jobless claims for the week ended Jan. 28 totaled 367,000, and were expected to total 375,000.

The government’s jobs report due out Friday morning, is expected to show the U.S. economy added 130,000 jobs in January. That would be a sharp slowdown in hiring versus December, when 200,000 jobs were created. The unemployment rate is expected to move up to 8.6%.

European stocks were little changed in midday trading while Asian markets ended higher.

The dollar was up against the euro and the British pound, but was down versus the Japanese yen.

Oil for March delivery was down 46 cents to $97.15 a barrel.

Gold futures for April delivery rose $2.10 to $1,751.60 an ounce.

The price on the benchmark 10-year U.S. Treasury was down, moving the yield up to 1.83%

Earnings Reports

Earnings reports (confirmed releases): MRK-Merck (earnings consensus $0.95), MA-Mastercard (3.91), DOW-Dow Chemical (0.31), GILD-Gilead Sciences (1.05), NOV-National Oilwell Varco (1.30), AGN-Allergan (1.00), VIAB-Viacom (1.05), SE-Spectra Energy (0.49), CMI-Cummins (2.24), K-Kellogg (0.62), BX-Blackstone Group LP (0.40), CME-CME Group (3.67), GR-Goodrich (1.57), CAH-Cardinal Health (0.76), WYNN-Wynn Resorts Ltd. (1.29), IP-International Paper (0.61).

Financial Calendar

0730 ET Jan Challenger job cuts, Dec +30.6% y/y.

0830 ET Weekly initial unemployment claims expected -6,000 to 371,000, previous +21,000 to 377,000. Weekly continuing claims expected -19,000 to 3.535 million, previous +88,000 to 3.554 million.

0830 ET Q4 non-farm productivity expected +0.8%, Q3 +2.3%. Q4 unit labor costs expected +0.8%, Q3 -2.5%.

0900 ET Chicago Fed President Charles Evans speaks to reporters in Chicago.

1000 ET Fed Chairman Ben Bernanke testifies before the House Budget Committee on the state of the U.S. economy.

1030 ET Jan ICSC chain store sales, Dec +3.5% y/y.

1630 ET Weekly money supply report and Fed balance sheet.

1915 ET Dallas Fed President Richard Fisher speaks on the economy and Fed policy at the Headliners Club of Austin Famous Austinites Dinner.

The Dow closed today up +83.55 (+0.66%) at 12,716.46.

CVX, JNJ and MCD were the only Dow 30 losers today.

The top gainer was none other than Bank of America (BAC).

The worst loser was McDonald’s (MCD).

Facebook files for an IPO.

Nuff said about that.

Merck (MRK) reports earnings tomorrow before the market opens.

KO, CSCO, KFT and DIS all report next week.

The Market

Facebook hasn’t yet filed for an IPO but is still expected, Guesstimates so far indicate that Facebook may look to raise $5 billion in its offering. That would make it the largest global IPO by an internet focused company. Facebook could be valued between $75 billion and $100 billion when it starts trading.

European stocks posted solid gains in mid-day trading. Asian markets ended mostly lower.

An ADP report showed that the private sector added 170,000 jobs in January. The report was expected to show that 200,000 jobs were added last month.

Pfizer (PFE) is recalling 1 million packs of birth control pills. Shares are lower by -0.8% so far this morning.

Shares of Amazon (AMZN) are down over 9% this morning after missing analyst estimates after the close yesterday.

The dollar is down against the euro, the Japanese yen and the British pound.

Oil for March delivery rose 24 cents to $98.72 a barrel.

Gold futures for April delivery gained $9.40 to $1,749.80 an ounce.

The price on the benchmark 10-year U.S. Treasury fell, lifting the yield to 1.83% from 1.80% late Tuesday.

Earnings Reports

Earnings reports (confirmed releases): QCOM-Qualcomm (earnings consensus $0.90), EPD-Enterprise Products Partners (0.55), LVS-Las Vegas Sands (0.57), BEN-Franklin Resources (2.09), MRO-Marathon Oil (0.83), TMO-Thermo Fisher Scientific (1.15), EQR-Equity Residential (0.13), AET-Aetna (0.97), NOC-Northrop Grumman (1.67), ALL-Allstate (0.96), HSY-Hershey (0.70), MPC-Marathon Petroleum (-0.05), AVB-AvalonBay Communities (0.55), AMP-Ameriprise Financial (1.40), CMG-Chipotle Mexican Grill (1.83), GMCR-Green Mountain Coffee Roasters (0.36).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -5.0% with purchase mortgage sub-index -5.4% and refinancing sub-index -5.2%.

0815 ET Jan ADP employment change expected +182,000, Dec +325,000.

0830 ET Philadelphia Fed President Charles Plosser speaks to business leaders on the economic outlook at the 2012 Economic Forecast Breakfast of the Main Line Chamber of Commerce in Gladwyne, PA.

0900 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned Feb 7-9 in the Treasury’s Feb quarterly refunding.

1000 ET Dec construction spending expected +0.5%, Nov +1.2% m/m.

1000 ET Jan ISM manufacturing index expected +0.7 to 54.6, Dec +1.2 to 53.9. Jan ISM price paid sub-index expected +2.5 to 50.0, Dec +2.5 to 47.5.

1700 ET Jan total vehicle sales expected 13.56 million, Dec 13.48 million. Jan domestic vehicle sales expected 10.50 million, Dec 10.45 million.

The Nasdaq rose +8% in January, S&P 500 +3.4% and the Dow +4.4%.

Unlike 2011, there have not been big drops and pops for stocks in general. In 2011, it was a ritual.

The Dow lost -20.81 (-0.16%) to close at 12.632.91. The S&P 500 was down a bit while Nasdaq and Russell 2000 were up a bit.

Leading Dow stock winners today were AXP (+2.08%), UTX (+0.95%), BAC (+0.85%) and JPM (+0.78). Looks like the banks were leading the charge.

The Dow losers included XOM (-0.05%), MRK (-1.59%), AA (-1.55%), INTC (-1.20%) and CAT (-1.17%).

American Express Company