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NEW YORK (CNNMoney) -- U.S. stocks rose Monday, as Wall Street recovered from its worst one-day declines since June. But the gains were slim as investors brace for a big batch of corporate earnings this week.
Global bellwether Caterpillar (CAT, Fortune 500) kicked off the deluge with a disappointing outlook, even as its quarterly results came in better than expected, citing continued economic weakness and uncertainty.
"We are taking a pragmatic view of 2013 -- we're not expecting rapid growth, and we're not predicting a global recession," said Caterpillar CEO Doug Oberhelman in a statement.
But following a weak open, shares of Caterpillar turned higher. The stock advanced 2%, making it the best performer on the Dow Jones Industrial Average, which rose about 0.1%.
The S&P 500 and Nasdaq also made a modest move upward.
Yahoo (YHOO, Fortune 500), with new CEO Marissa Mayer at the helm, reports after the bell. Fellow tech heavyweights Facebook (FB) and Apple (AAPL, Fortune 500) are up later in the week, as are AT&T (T, Fortune 500) and Boeing (BA, Fortune 500).
Analysts at S&P Capital IQ predict third-quarter earnings for companies in the S&P 500 will grow by just 0.04% overall this quarter, the worst since the third quarter of 2009.
Related: Facebook's week of reckoning
Weak earnings also put pressure U.S. stocks last week. Friday was the worst day on Wall Street in four months as investors reacted to sour earnings from McDonald's (MCD, Fortune 500) and General Electric (GE, Fortune 500).
Fear & Greed Index
World Markets: European stocks were lower in afternoon trading. Britain's FTSE 100 fell 0.2%, the DAX in Germany slipped 0.6%, and France's CAC 40 lost 0.1%.
Asian markets closed higher. The Shanghai Composite rose 0.2%, the Hang Seng in Hong Kong advanced 0.7%, and Japan's Nikkei gained 0.1%.
Related: China currency plays role in U.S. politics
Companies: Shares of DISH Network (DISH, Fortune 500) rose after the company reached an agreement with Voom HD Holdings, which owns Cablevision and AMC Networks, on Sunday. DISH agreed to pay $700 million in cash to settle a dispute over wireless multichannel video distribution and data service licenses.
BP (BP) said Monday it was in "advanced discussions" on a deal that would result in the sale of 50% of its Russia-based assets to Rosneft, a state-owned oil and gas company.
Hasbro (HAS) shares rose even after the toymaker reported third-quarter earnings that slipped from a year ago and revenue that fell short of forecasts.
Ancestry.com (ACOM) shares surged after the genealogy website announced plans to be taken over by an investor group led by private equity firm Permira. The cash transaction values Ancestry.com at $1.6 billion, or $32 per share.
Halcón Resources (HK) shares jumped after the company announced a $1.4 billion deal with Petro-Hunt to develop a stake in North Dakota's gas-rich Bakken and Three Forks region.
Currencies and commodities: The dollar fell against the euro and the British pound, but edged higher against the Japanese yen.
Oil for November delivery fell 10 cents to $89.95 a barrel.
Gold futures for December delivery gained $1 to $1,725 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 1.80% from 1.77% late Friday. 
First Published: October 22, 2012: 9:42 AM ET
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