US Investors Prepare For Earnings Start, Retail Data |
| Wall Street Journal - Oct 8, 2011 |
U.S. stock investors are looking to quarterly earnings results, which ramp up next week, as a distraction from Europe's debt wrangling and reason to extend the past week's gains.
Alcoa Inc. (AA) makes the unofficial kickoff to third-quarter earnings reports, with a release late Tuesday. J.P. Morgan Chase & Co. (JPM) and Google Inc. (GOOG) are scheduled to report Thursday.
Results from the trio should offer investors a sense of whether companies have been able to override the economic and political challenges of the past three months, which have made some companies and consumers more reluctant to spend.
The major stock indexes ended the week up about 2%. But they are down 13% to 15% from their April highs, pummeled by prospects of a sovereign-debt default in Europe and fears of a double-dip U.S. recession.
"Stocks will recover from earnings for the time being, but I don't believe it'll be a new bull market long term," said Keith Springer, president of Springer Financial Advisors. "I simply feel sentiment has swung so far negative that it's not going to be hard to beat it on the upside. People are just ready to jump off a cliff."
Read Full Article from Wall Street Journal
- Posted: 2011-10-09 06:46:34
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