Markets up slightly as earnings season kicks off $AA:xnys
- Updated: 02 April 2012
- Published: 22 August 2011
- US markets were slightly stronger overnight as the US earnings season unofficially kicked off with Alcoa reporting. The aluminium giant reported a loss in the fourth quarter but raised its outlook with expected demand coming from the aerospace, construction and industrial sectors. The stock rallied to close at $9.43 per share before adding another 2 cents in the aftermarket
- Financial, energy and financial stocks were the best performers as investors positioned themselves for a positive earnings season
- Entertainment provider Netflix Inc rallied 13.78% to $98.18 after positive comments from CEO Reed Hastings as the company launched in the UK and Ireland. Also adding to the positive tone was hedge fund manager Whitney Tilson reversing her previously bearish view
- Leading the Dow higher was AA, BAC and CAT which rallied 2.89%, 1.46% and 1.40% respectively
- DOW +0.27%, S&P500 +0.23% and NASDAQ +0.09%
- EUR rallied overnight follow positive comments from a meeting between President Sarkozy and Chancellor Merkel. AUD was softer overnight
- Gold was weaker and oil was off on weak German industrial production
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