U.S. stock indexes rise after two-day slide
U.S. stock indexes rise after two-day slide
Lazard’s Hogan: Cliff makes corporate guidance an iffy proposition NEW YORK (MarketWatch) — U.S. stocks climbed modestly on Wednesday after a two-day drop as Alcoa Inc. raised its outlook, citing expectations of increased global demand for aluminum. http://www.marketwatch.com/story/us-stock-ind...2013-01-09
Wednesday’s gains had the three major indices up for a third session in six so far this year, with the S&P 500 hitting a five-year high on Friday after the December jobs report had hiring maintaining its two-year pace, indicating the partially resolved budget battle on Capitol Hill had not done significant damage to the U.S. economy.
The Dow Jones Industrial Average (DJI
JIA) rose 61.66 points, or 0.5%, to 13,390.51, with 18 of its 30 components rising.
Alcoa (NYSE:AA) late Tuesday reported better-than-estimated revenue and an upbeat forecast for the year. Read a blog post on the first five days of 2013 being bullish for stocks.
“Alcoa is better, and it is usually not, so it could be a barometer for the global economy or it could be a company that has done a good job of repairing its balance sheet, or it could be a combination of both. The good news is we haven’t had a household name blow up yet,” Hogan said.
Boeing Co. (NYSE:BA) was the top gainer in the Dow, with shares of the aerospace firm rallying 3.6%, rebounding from their decline earlier in the week. Read: Boeing regaining altitude as analyst dismisses 787 ‘teething problems.’
Bank of America Corp. (NYSE:BAC) was the top decliner in the Dow, dropping 4.6% after the lender was downgraded to neutral from outperform by Credit Suisse for valuations reasons.
The S&P 500 index (SNC:SPX) gained 3.87 points, or 0.3%, to 1,461.02, with health care leading gains and telecommunications the largest loser of its 10 major industry groups. See 13 stocks that should pay in 2013, according to Goldman Sachs.
The Nasdaq Composite Index (NASDAQ:COMP) added 14 points, or 0.5%, to 3,105.81.
