US Stocks Rise as Earnings Season Begins

July 9
1:23 AM 2013

US stocks have risen for a third consecutive day as investors eagerly await the start of second-quarter earnings season amid news of euro-area finance ministers approving the aid for Greece. European equities improved from a slide last week, while currencies and equities in Asia dipped.

The S&P 500 added a 1% increase on July 5 when better-than-forecast jobs growth dominated the news headline. The news dwarfed investor worries the Federal Reserve would reduce stimulus. Alcoa Inc. stated a per-share profit of US$0.07 that beat analyst estimates of US$0.06, Alcoa's statement initiated the second quarter earnings season after markets closed on Monday. European governments approved EUR3 billion ($3.9 billion) in aid to Greece following market close in Europe.

"The market appears to be discounting a strengthening economy in the second half and into 2014 and the earnings season really should give us some clarity as to whether that's appropriate," an analyst said in a phone interview with Bloomberg. "I really don't think the earnings season is going to be so much about the second quarter, but more about the pickup in the second half that the market appears to be anticipating."

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