Equities once again tried to break their recent losing streak, rising premarket after thier worst lossesof the year, boosted by Alcoa’s (AA) better-than-expected earnings forecast.
Both the Dow Jones Industrial Averageand the Nasdaqsaw 0.6% gains in premarket trading, while the S&P 500moved up 0.7%.
Although first quarter earnings aren’t expected to be bullish overall, Alcoa’s large surprise profit after hours�started the season off on an upbeat note; Chevron (CVX) also forecastprofits would grow in the first quarter and reaffirmed full year guidance. Moreover, European borrowing costs, which spikedyesterday, eased somewhat in today’s trading.
Still, uncertainty remains: Nokia (NOK) sank more than 15% after issuinga profit warning. Also, tsunami warnings are out for�parts of Indonesia after a powerful 8.6 magnitude earthquake struckoff the archipelago nation’s coast�Wednesday afternoon local time, followed by an 8.2 magnitude aftershock.
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