S&P 500 at Five-month Peak (AA, CAT, BAC)

The S&P 500 put up a five-month intra-day high of 1,294.45 shortly before noon ET today. The index got a boost this morning from Alcoa Inc. (NYSE: AA) which rose about 3.5% at the open on an in-line earnings report last night.

Alcoa’s influence didn’t last long on its own behalf, as the company’s 2012 forecast raised caution flags, but the company’s earnings report did raise hopes that the current earnings season would be another good one. The fact that the bar for many companies has been set so low will also add a glow to last quarter’s earnings.

Among the sectors in the S&P 500, commodity, financial and industrial shares have risen the most with Caterpillar Inc. (NYSE: CAT) and Bank of America Corp. (NYSE: BAC) providing the biggest push.