The Dow is for the first time this week after Alcoa kicked off earnings season on a high note last night. As of 1:20 p.m. EST, the Dow Jones Industrial Average (DJINDICES:^DJI) is up 55 points, or 0.42%, to 13,383. The S&P 500 (SNPINDEX:^GSPC) is up just 0.24% to 1,461.
There were no economic releases this morning. After yesterday's market close, Alcoa (NYSE:AA) was the first blue-chip company to announce earnings. The company is a cyclical company whose results fluctuate with the economy, and as such, the company is largely seen as an economic bellwether. Alcoa reported earnings per share of $0.06 -- in line with analyst expectations -- on revenue of $5.9 billion, which beat analyst expectations of $5.6 billion. Alcoa believes the aluminum market will continue to grow in 2013, forecasting demand growth of 7%, an improvement on 2012's 6% growth.
After an upbeat report from Alcoa, things are looking up for earnings season, so it's no surprise that the market is up.
Today's Dow leader
Today's Dow leader is Boeing (NYSE:BA), up 3.2% to $76.46. Boeing has had a rough week after airlines reported problems with the new 787 Dreamliner. On Monday a Dreamliner caught fire after a flight from Tokyo to Boston. Then, yesterday, a fuel leak caused a Dreamliner to cancel a take-off from Boston. The stock had sold off 4.6% the past two days, but analysts have come out saying that the incidents are just growing pains and are not worth worrying about. For its part, Boeing has come out and said it has "extreme confidence" in the Dreamliner.
Dan Dzombak can be found on Twitter @DanDzombak or on his Facebook page, DanDzombak. He has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.