NEW YORK (CNNMoney)
The Dow Jones industrial average and the Nasdaq gained 0.2%. The S&P 500 was little changed.
In the bond market, the yield on the 10-year Treasury note rose above 2% for the first time since April 2012. The rise in yield, which reflects a fall in price, came after Fitch said the temporary increase in the U.S. debt limit removes the "near-term risk" that America's credit rating will be downgraded.
The Census Bureau said durable goods orders rose 4.6% in December. Analysts were looking for orders to rise just 1.6% last month, following a 0.7% uptick in November. The increase, driven by strength in new orders for transportation and defense goods, is consistent with economic growth of 1% in the fourth quarter, according to Action Economics.
Caterpillar (CAT, Fortune 500) said fourth quarter profits fell 55% to $1.04 per share, reflecting a previously disclosed $580 million charge. Excluding the one-time item, Caterpillar's results topped analyst estimates, sending shares up 2% in early trading.
Caterpillar, the biggest seller of construction equipment in the world, said the U.S. economy will continue to improve this year, but warned that "growth is expected to be relatively weak." Despite an uncertain outlook for the global economy, Caterpillar said 2013 could be a record year for the company.
Yahoo (YHOO, Fortune 500) earnings are up after the bell. The company's fourth-quarter results are a big test for CEO Marissa Mayer, who shocked the world last summer by taking the top spot at Yahoo. The results will be a look into Yahoo's new business strategy -- the results of which Mayer began laying out in an all-staff meeting in September.
Of the 141 companies in the S&P 500 that have reported earnings so far, 67% have reported results above analyst expectations, according to Thomson Reuters. Overall, fourth-quarter earnings are expected to grow 2.8% from a year ago.
Related: 4 ways the market could really surprise you
Also on the corporate front, shares of Apple (AAPL, Fortune 500) will be in focus Monday. The iPhone and iPad maker's stock is down almost 20% this year. On Friday, Apple lost its title as the world's most valuable company to Exxon (XOM, Fortune 500) as shares closed at a 1-year low.
After the opening bell, the National Association of Realtors will release pending home sales for December.
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U.S. stocks have had quite a run in 2013, with four straight weeks of gains so far this year. The Dow finished Friday at its highest level since October 2007, while the S&P 500 closed above the 1,500 mark for the first time since December 2007. The Dow is now just 2% away from its all-time high, and the S&P 500 is 5% from its record high.
European markets were slightly higher in morning trading Monday, while Asian markets ended finished mixed. The Shanghai Composite added more than 2%, closing at its highest level since June, while the Nikkei tumbled nearly 1%. The Hang Seng in Hong Kong edged slightly higher. 
First Published: January 28, 2013: 9:46 AM ET
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