Stocks Edge Higher Ahead of Economic Reports

The markets opened higher as investors braced for the latest set of economic indicators. Meanwhile, oil prices edged up above $35 a barrel. The Dow rose 33 points to 7589 while Nasdaq added 3 points to 1471.

On the upside

Sprint Nextel (NYSE: S) posted a $1.6 billion loss in the 4th quarter as the wireless carrier wrote off the remaining value of its acquisition of Nextel. The results were better than expected while subscriber losses declined.

Shares of Whole Foods Market (Nasdaq: WFMI) surged after the organic foods grocery chain reported 1st quarter profits that beat expectations.

Reliance Steel and Aluminum (NYSE: RS) reported record full-year results and reaffirmed its dividend payment.

Shares of Priceline.com (Nasdaq: PCLN) soared after the online travel retailer posted 4th quarter profits that beat forecasts and raised its 1st quarter outlook.

On the downside

Shares of Hewlett-Packard (NYSE: HPQ) fell after the computer and printer company reported surprisingly lower profits and sales in the 4th quarter. Analysts immediately downgraded the stock.

China-based LDK Solar (NYSE: LDK) warned of a likely 4th quarter loss due to lower demand for solar wafers. Its shares fell to a new 52-week low.

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 426.