Alcoa helps lift market after 2 days of declines
Source: AP-Excite
By KEN SWEET
NEW YORK (AP) — Corporate earnings season got off to a positive start Wednesday, helping lift the stock market after two days of declines.
The market opened higher and remained modestly higher throughout the day. Stocks climbed further after the Federal Reserve released minutes from its latest policy meeting in June.
The biggest gainer in the Standard & Poor's 500 index was Alcoa. The aluminum giant's earnings, which investors consider to be the official start of the quarterly corporate earnings season, came in well above Wall Street's expectations. Alcoa earned $138 million, or 18 cents a share, compared with analysts' estimates of 12 cents a share, according to FactSet. Alcoa rose 84 cents, or 6 percent, to $15.69.
As companies begin reporting their second-quarter results, investors will be looking for signs that the strengthening U.S. economy has translated into higher sales and profits. Analysts expect earnings increased 6.6 percent in the three months through June compared with the previous year, according to S&P Capital IQ, a research firm.
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Trader John Panin, left, works on the floor of the New York Stock Exchange Wednesday, July 9, 2014. Stocks inched higher in early trading Wednesday, reversing a two-day decline, as the quarterly earnings season got underway with some positive news from the giant aluminum company Alcoa. (AP Photo/Richard Drew)
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