Wall Street Sector Selector | Jul 09, 2013 04:03AM ET
Stocks continued their advance on Monday, as those willing to try their luck making wagers in anticipation of quarterly earnings reports stepped up to embrace some risk. With Alcoa (AA) reporting its second quarter earnings after the closing bell, the company’s share price climbed 1.4 percent as speculators assumed that the company would win at “beat the number”. After the market close, Alcoa reported quarterly earnings of $76 million – or 7 cents per share – beating estimates of 6 cents per share. The company expects demand for aluminum to increase by 7 percent this year, despite the economic slowdown in China.
The Dow Jones Industrial Average (DIA) gained 88 points to finish Monday’s trading session at 15,224 for a 0.59 percent advance. The S&P 500 (SPY) climbed 0.53 percent to close at 1,640.
The Nasdaq 100 (QQQ) advanced 0.10 percent to finish at 2,966. The Russell 2000 (IWM) rose 0.38 percent to end the day at a new record-high closing level of 1,009.25.
In other major markets, oil (USO) declined 0.44 percent to close at $36.40.
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