A few snippets that I thought interesting in the article. A view of current sentiment.
Alcoa, the biggest U.S. aluminum producer and the first company in the Dow Jones Industrial Average to report second- quarter results, rose as much as 4.3 percent as sales and profit exceeded analysts’ estimates and the company forecast stronger global demand. [Does this indicate that US aluminum suppliers are competitive with overseas low cost producers? How did they accomplish this with our higher labor costs? I wonder where their biggest customers are?]
All 10 industry groups in the S&P 500 advanced, led by commodity producers and financial firms. [commodity producers... inflation or competitive producer indicator? Are the financial firms finally getting their houses in order after the debacle? Where are the profits coming from?]
U.S. stock futures rallied before the start of trading as Greece sold 1.63 billion euros ($2.1 billion) of 26-week Treasury bills at a rate below the 5 percent charged by the European Union for its bailout package, easing concern the nation faces punitive costs to borrow.
Profits for S&P 500 companies are projected to have increased 34 percent in the second quarter and by the same amount in 2010, according to analysts’ estimates compiled by Bloomberg. Intel Corp., the biggest maker of semiconductors, reports quarterly results after the close of U.S. exchanges today. It’s among 23 companies in the index to announce results this week. [34% average. that is a huge number]
http://www.businessweek.com/news/2010-07-13/u-s-stocks-rise-as-s-p-500-extends-winning-streak-alcoa-gains.html
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