Exceeding analyst’s expectation in your quarterly profits is a great way to get the market up, as Alcoa Inc (NYSE:AA) proved to U.S. investors today. Not only did Alcoa’s increased profits cheer investors, but the indication that the demand for steel is increasing (hence the increased profits) was another positive sign. In all, the Dow Jones Industrial Average gained 146.75 points today to close at 10,363.02.
European markets were all up on Tuesday, despite worries about the European economy. An auction of Greece’s debt could be responsible for this rise. During the auction, Greece raised over 1.6 billion Euros which shows investors have much confidence in Greece’s ability to recover. Asian markets were all down as reports of reduced GDP as a result of slowed exports thanks to Europe’s ailing economy is likely to blame.
Another company announcing earnings today was CSX Corp (NYSE:CSX). The railroad operator also exceeded the expectation of analysts with increased earnings and sales. Naturally, shares of both AA and CSX rose as a result of this information.
The Nasdaq closed at 2,242.03 today, up 43.67 points from Monday and the S&P 500 closed at 1,095.27 a 16.52 point increase.