NEW YORK -- Stocks edged higher yesterday as investors refrained from major moves ahead of first-quarter earnings reports that began with Alcoa's results after the closing bell. A modest increase in the Dow Jones industrials marked the eighth straight win for the blue chip index, its longest such streak since 2003.

Alcoa reported a better-than-expected first-quarter profit, pleasing investors who bid the company's stock up in after-hours trading. Wall Street was looking for results from the Dow component not only to gauge the pace of earnings for the quarter but to assess the health of the overall economy.

The Dow rose 4.71 to 12,573.85; the S&P 500 rose 3.78 to 1,448.39; and the Nasdaq composite index advanced 8.43 to 2,477.61.

Bonds continued their recovery, with the yield on the benchmark 10-year Treasury note falling to 4.72 percent from 4.75 percent late Monday.

Oil prices rose after selling off Monday following doubts about Iran's comments about its uranium enrichment achievements. A barrel of light, sweet crude for delivery on the New York Mercantile Exchange rose 38 cents to settle at $61.89.

"I think we're all anticipating the earnings season. I think everyone is going to wait on their heels and see how the numbers are going to come through," said Tim Hartzell, chief investment officer at Kanaly Trust Co.

He contends investors are perhaps too dour in their assessment of corporate earnings, though he is waiting to get a sense of how the numbers stack up before making any big moves. He noted companies' cash flows remain strong. He also expects companies will continue to repurchase stock, which could help boost per-share profit figures.

"We're just waiting to see what the numbers are before we do any buying and selling," he said.

Alcoa, which rose 3 cents to $34.90 in regular trading, picked up another 60 cents in extended dealings after releasing its earnings announcement.

Dow Chemical Co. fell $1.12, or 2.4 percent, to $45.51 after the chemical and plastics maker said it has had no discussions about a leveraged buyout. A British newspaper reported over the weekend that a group of Middle Eastern investors and U.S. buyout firms was preparing a $50 billion bid.

Citigroup Inc. rose 82 cents to $52.40 ahead of a major restructuring announcement in which some 26,000 workers will be reassigned or see their jobs eliminated, according to a report by The New York Times. Chief Executive Charles Prince is scheduled to announce the plan today.

D.R. Horton Inc., the nation's largest home builder by deliveries, said its second-quarter sales order fell 37 percent, led by even steeper declines in California and the Southwest. Shares fell 34 cents to $21.70.

Shares of Mylan Laboratories jumped 60 cents, or 2.8 percent, to $21.80 after the company raised its profit forecast, citing continued strength in its generics business and new product sales.

Advancing issues outnumbered advancers by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 2.49 billion shares vs. 2.32 billion traded Monday.

The Russell 2000 index of smaller companies rose 2.87 to 814.51.