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US stocks rise as investors await earnings
« on: April 09, 2013, 05:16:24 AM »
US stocks rise as investors await earnings
2013-04-08 23:00:56
Stocks rose slightly in a volatile session on Monday as investors were reluctant to make large bets going into an earnings season that is expected to be lackluster.

Forecasts for first-quarter earnings have been scaled back dramatically, with profits seen rising just 1.6 per cent from the year-ago quarter, according to Thomson Reuters data. In January, earnings were seen rising by 4.3 per cent.

Reuters reported that the drop in profit expectations has come amid an economy that could be hitting a slow patch, with last week's March payroll report severely below expectations.

 Weak corporate results could give investors further reasons to sell, pushing both the Dow and S&P 500 back from recent all-time closing highs.

The season unofficially starts after the market closes with results from Alcoa Incorporated, the first Dow component to report, though many more bellwether companies won't come out until next week. Alcoa is seen posting a profit of eight cents a share, down from 10 cents last year.

"We're waiting for earnings for evidence that the market can be supported at these levels," said Jim Dunigan, chief investment officer at PNC Wealth Management in Philadelphia.

"We will see growth in earnings, but clearing the expectations bar could be difficult, which could give us reason to pause."

Wall Street opened flat and dipped early in the session on concerns about the earnings season, though stocks rebounded in afternoon trading.

Consumer staples  were the stronger performers of the day, rising by 0.8 per cent, led by a 4.8 per cent jump in Monster Beverage shares to $52.06.

The Dow Jones industrial average was up by 0.58 points, or 0.00 per cent, at 14,565.83. The Standard & Poor's 500 Index was up by 4.21 points, or 0.27 per cent, at 1,557.49. The Nasdaq Composite Index gained 7.35 points, or 0.23 per cent, at 3,211.20.

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US stocks rise as investors await earnings
« on: April 09, 2013, 05:16:24 AM »


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