Will Markets Accelerate After Alcoa’s Lead?
Index ETFs declined ahead of the Alcoa (NYSE:AA) earnings report, the unofficial start of earnings season
Index ETFs declined Tuesday as investors awaited the unofficial beginning of earnings season. The SPDR S&P 500 (NYSEARCA:SPY) lost .29%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) lost .34%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) lost .2%, and the iShares Russell 2000 Index ETF lost .07%.
Earnings season has now unofficially started, with a better than expected Alcoa (NYSE:AA) Q4 2012 earnings report. The aluminum provider saw a 4.6% gain in Q4 2012 compared to Q4 2011, and saw an overall profit decline of 1.2% for the last quarter. Lastly, the company reported a $242 million profit in 2012 compared to a $191 million loss the previous year, and projects a 7% increase in global demand for 2013.
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So, with Alcoa (NYSE:AA) out of the way, perhaps Wednesday’s markets will react better after Tuesday’s jitters…