Wall Street - April 10, 2006
April 10, 2006
New York - Friday's stock market retreat may spill over into this week as bears concentrate on interest rates and oil. Still, strong company results may kick the market higher.
Alcoa, the world's biggest aluminium producer, will announce first-quarter earnings today. Earnings of Standard & Poor's 500 (S&P 500) companies in the first quarter are projected to be about 11 percent higher than a year ago.
"Earnings numbers will probably be a positive for the market," said an economist.
Stocks fell on Friday as a stronger-than-expected jobs report suggested more interest rate increases ahead. The Dow Jones industrial average sank 96.46 points to 11 120.04, while the S&P 500 index lost 13.54 to 1295.5. For the week the indices gained 0.1 percent and 0.05 percent, respectively.
The Nasdaq composite fell 22.15 to 2339.02 on Friday and inched down 0.03 percent for the week. - Reuters and Sapa-AP
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