The Dow Jones Industrial Average
|Dow Jones Industrial Average||+89.46 [+0.70%]||12,805.39|
The market has been falling on growing concerns over Europe, specifically Spain and Italy, as well as last Friday's dismal jobs report. These factors combined to send the market down 4% over the past five trading days.
Sentiment shifted last night after hours, when Alcoa reported earnings of $0.09 per share and $6 billion in revenue, blowing away the Street's expectations of $0.04 per share and $5.8 billion in revenue. Alcoa is largely regarded as a bellwether for the economy, so a good performance from the company bodes well.
Alcoa previously reported that it will cut its production capacity by 390,000 tonnes to 18 million tonnes per year, a positive move but one that investors punished the stock price for all the same. The stock price has plummeted 45% over the past year, as an oversupply in the alumina market led to falling prices. Fool analyst David Lee Smith had written that Alcoa's future was even brighter than investors gave the company credit for, and he was pleasantly surprised with its earnings reportt.
As you may have expected, today's top Dow stock was Alcoa, up 6.22% to $9.90. Runners-up were Bank of America
Foolish bottom line
Alcoa's earnings helped move the Dow today, but there are plenty of other companies out there that investors need to watch during earnings season. In a free report from The Motley Fool on "5 Stocks Investors Need to Watch This Earning Season," you'll find information on this quarter's possible big performers. It's completely free for our readers, so access your free report today.