Aluminum producer Alcoa Inc. kicked off an eagerly awaited round of first-quarter earnings reports Monday, announcing profits that fell short of estimates and first-quarter sales that beat analysts’ expectations.
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Stocks ended mixed Monday, as investors welcomed news that Washington Mutual could see a $5 billion investment, but showed caution ahead of the quarterly earnings period, due to get underway after the close.
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Bonds came off their lows Monday afternoon as investors bought back Treasurys on a weaker-than-expected consumer borrowing report.
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Stocks turned mixed late Monday afternoon, as investors took a step back ahead of the quarterly earnings period, due to get underway after the close of trade.
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Consumers borrowed at a slower rate in February than they did the month before, the Federal Reserve announced Monday.
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Stocks rallied Monday afternoon as talk that Washington Mutual may receive a $5 billion cash infusion encouraged investors looking for further signs that the worst could soon be behind the market.
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Bonds dipped lower Monday as investors bought riskier stocks instead, cheering corporate news that made traders forget about dour economic news from the previous session.
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