Tuesday, 13 April 2010

Stocks retreat in early trading

NEW YORK (CNNMoney.com) -- Stocks opened lower Tuesday as investors digested a mixed earnings report from Alcoa and took a step back after pushing the Dow industrials above the key 11,000 level.

The Dow Jones industrial average (INDU) was down 6 points, or less than 0.1%, shortly after the opening bell. The S&P 500 index (SPX) slid about one point and the Nasdaq composite (COMP) dipped 2 points.

Stocks managed gains Monday, with the Dow closing above 11,000 points for the first time in 18 months, as investors welcomed a plan to offer low-cost loans to Greece, tempering fears that the nation might have to default on its debt.

Quarterly reports: Aluminum producer Alcoa (AA, Fortune 500) reported first-quarter earnings late Monday that met expectations, but revenue fell short. Shares slipped nearly 3% in premarket trading.

Chip leader Intel (INTC, Fortune 500) reports results after the close. The Dow component is expected to have earned 38 cents per share after earning 11 cents per share a year ago.

First-quarter earnings for the S&P 500 are forecast to jump nearly 37%, when compared with last year's abysmal first quarter, according to Thomson Reuters. Revenue figures should also be up a rosy 10% from a year earlier.

Looking ahead, JPMorgan Chase (JPM, Fortune 500) reports quarterly results Wednesday, while Google (GOOG, Fortune 500) and Bank of America (BAC, Fortune 500) are due later in the week.

Economy: The government reported a larger-than-expected increase in the U.S. trade gap for February.

The nation's international trade deficit in goods and services increased to $39.7 billion in February from a revised $37 billion in January, the Commerce Department said. Economists surveyed by Briefing.com were expecting the gap to widen to $38.5 billion.

The deficit expanded as exports totaled $143.2 billion, while imports reached $182.9 billion.

World markets: Asian markets ended mostly lower. Hong Kong's Hang Seng slipped 0.1%, while the Nikkei in Japan slid 0.8%.

European markets turned mixed in active trading. Shares in London and Frankfurt were lower, while Paris was unchanged.

Currencies and commodities: The dollar was flat versus the euro, but rose against the pound. It fell versus the yen.

The price of oil slid 75 cents to $83.59 a barrel. Gold declined $5.70 to $1,155.90 an ounce.

Bonds: Prices for U.S. Treasurys fell, with the yield on the benchmark 10-year note at 3.81%. Bond prices and yields move in opposite directions.

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