U.S. stocks fall on earnings; Alcoa weighs on Dow
NEW YORK (MarketWatch) — U.S. stocks on Wednesday extended losses after aluminum producer Alcoa Inc. cut its outlook for global demand for the metal and Chevron Corp. warned of lower earnings.
“The market is going to trend sideways until we have fundamentals like earnings and economic information catch up to where the market is right now,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
“The key for us is QE3 pushed the S&P 500 to a level we thought we could get to by Dec. 31, not Sept. 30, so now we have to wait for the solid data to catch up with the enthusiasm,” Ablin added of the Federal Reserve’s third round of quantitative easing, launched late last month. http://www.marketwatch.com/story/us-stocks-pa...atest_news