Stocks Marginally Higher in Late Trading
Stocks are holding on to modest gains in late trading following two straight days of losses. Stocks rose today after aluminum giant Alcoa Inc. (NYSE: AA) kicked off the latest earnings season on a strong note.
All sectors in the S&P 500 except Energy are currently in green. Consumer Cyclical sector is leading the gains in the S&P 500 in late trading. At last check, the sector was down 1.59%. Industrials have also risen sharply in trading today. At last check, the sector was trading 0.82% higher. Conglomerates are currently trading 0.61% higher. Financials are currently trading 0.23% higher, while Technology sector is currently trading 0.25% higher. Energy sector is currently trading 0.21% lower.
Alcoa shares have edged higher after the aluminum producer reported fourth-quarter earnings that were in-line with estimates. The company’s revenue for the fourth-quarter beat consensus forecast. Alcoa also gave a bullish outlook for 2013. At last check, Alcoa shares were trading 0.11% higher at $9.11.
Shares of Apollo Group Inc. (NASDAQ: APOL) have tumbled in trading today after the company reported lower enrollment rates for the third straight quarter and lowered its operating profit outlook for 2013. APOL shares are currently trading 7.64% lower at $19.34.
Other major movers in late trading today include Clearwire Corporation (NASDAQ: CLWR), which is currently trading 7.53% higher at $3.14, Herbalife Ltd. (NYSE: HLF), which is currently trading 3.08% higher at $39.53, and Apple Inc. (NASDAQ: AAPL), which is currently trading 1.01% lower at $520.
European markets ended mostly higher earlier today, with the EURO STOXX 50 Index closing 0.56% higher. Asian markets also ended mostly higher overnight.