Reports: Weekly jobless claims, 7:30 a.m.; Durable goods for December, 7:30 a.m.; Phome sales index for November, 9 a.m.; Pending home sales index for November, 9 a.m.; Freddie Mac releases weekly mortgage rates at 9 a.m.

Hearings: Senate Budget Committee hearing on the budget and economic outlook for 2011-2021.

Local earnings: Caterpillar Inc., Motorola Solutions Inc.

Other major earnings: Altria Group Inc., Amazon.com Inc., AT&T Inc., Bristol-Myers Squibb Co., Colgate-Palmolive Co., DR Horton Inc., Eli Lilly & Co., JetBlue Airways Corp., Lockheed Martin Corp., Microsoft Corp., Nintendo, Procter & Gamble Co., Time Warner Cable Inc.