Investors rushed to the exits today as stocks posted their biggest one day decline of the year. This was the fifth straight day the market declined as investors worry about the global economic recovery and the pending earnings season.
Well one of those worries was eased somewhat this afternoon as Alcoa posted strong earnings. Alcoa reported EPS of $0.10 per share, well above estimates of a loss of $0.04 per share. Revenue also beat expectations.
On the economic front, wholesale inventories rose more than expected in February to 0.9%. Analysts were expecting a rise of about 0.5%.
Tomorrow will be an interesting trading day as investors react to Alcoa’s strong earnings. [Read more...]