Investors turned more optimistic Wednesday after Alcoa
(NYSE:AA) beat analysts' expectations, kicking off the fourth-quarter earnings season. Optimism remains tempered, though.
“Alcoa’s report got us off to a good start. Still, earnings growth is going to be a little bit harder to come by. If we see some good results from bellwether companies, that will definitely give a lift to the market," said Peter Jankovskis, co-chief investment office at Lisle, according to Bloomberg
According to analysts' estimates compiled by Bloomberg, four-quarter profits at S&P 500
(INDEXSP:.INX) companies will likely increase by 2.9%.
The Dow Jones Industrial Average
(INDEXDJX:.DJI) was up 0.41% to 13,383 points as of 1:06 p.m. EST.
Alcoa is up 0.19% to $9.12 today after beating analysts' estimates
for its fourth-quarter financial results.
(NYSE:BA) has been the Dow's biggest gainer today, climbing 3.14% to $76.46. Concerns about the safety of Boeing's 787 Dreamliner have been raised after the jet plane experienced three technical problems
in three days.
(NYSE:HPQ) rose today by 1.33% to $15.60. HP announced
that it will add 200 jobs to its Alpharetta campus. At the same time, HP will slash 200 jobs
from its Rio Rancho campus.
Bank of America
(NYSE:BAC) has seen the largest decline today, sliding 3.42% to $11.57. Bank of America announced yesterday that it plans on selling the collection rights to another $100 billion worth of mortgages.
(NYSE:XOM) also fell 0.68% to $87.88.
No positions in stocks mentioned.