Stocks fall ahead of earnings season kickoff
By The Associated Press
Published: Tuesday, Jan. 8, 2013, 5:10 p.m.
Stocks closed lower Tuesday as traders awaited the start of the corporate earnings season.
The Dow Jones industrial average dropped 55.44 points, or 0.4 percent, to 13,328.85. The Standard & Poor's 500 index fell 4.74, or 0.3 percent, to 1,457.15.
The Nasdaq composite index shed 7.01, or 0.2 percent, to 3,091.81.
Alcoa reported its fourth-quarter financial results after the market closed, marking the unofficial kickoff to weeks of earnings announcements from U.S. companies. The aluminum maker said its revenue results exceeded the expectations of Wall Street analysts, while per-share earnings were roughly in line with expectations.
Market-watchers expect the quarter's results could include many surprises because of events like Superstorm Sandy, the presidential election, and the narrowly avoided tax increases and spending cuts known collectively as the “fiscal cliff.”
The European debt crisis continued to cast a pall over the market.
Unemployment in the 17 countries that use the euro hit a new high, leading the European Union to warn about the risk of fraying social welfare systems in southern Europe.
Trading has been cautious in the week since Congress and the White House struck a deal to maintain lower tax rates and postpone sweeping cuts in government spending. Enthusiasm about the compromise pushed the Dow up 300 points last Wednesday, its biggest gain since December 2011.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Investors put squeeze on prospective homeowners’ American dreams
- How can I delete my search history on Facebook?
- Employers say friends can ease work stress
- Airline merger reshapes industry’s landscape
- Pennsylvania, other states considering bids to host Boeing 777X production
- Big oil pushes limits
- Workplaces reach out to vets
- Consol cuts office workers after Murray deal
- Unemployment rate falls as employers add 203,000 jobs nationwide
- American Eagle Outfitters’ quarterly profit down 68 percent
- PNC to pay $81M to Freddie Mac to resolve problem mortgages