Index ETFs rose back into the green today following Alcoa’s (NYSE:AA) moderately positive earnings report last night
Alcoa’s (NYSE:AA) moderately positive earnings report released last night seemed to push stocks and index ETFs back into the green today. The SPDR S&P 500 ETF (NYSEARCA:SPY) gained .25%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) gained .49%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) added .38%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) rose .49%.
Index ETFs likely reacted to the positive Alcoa (NYSE:AA) earnings report released yesterday, which unofficially started the Q4 2012 earnings season. The Alcoa (NYSE:AA) report beat expectations, and investors are widely anticipating the release of the Wells Fargo (NYSE:WFC) report this coming Friday. After a tough 2012 of volatility, Federal easing, and weak economic reports, many think this earnings season could still be disappointing, but so far, Alcoa (NYSE:AA) has held strong.
No economic reports were released today, further supporting the notion that index ETFs are largely riding on earnings seasons results. Unfortunately however, German industrial production rose only .2% in the month of November, again showing the signs of a European recession in full swing.
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