NEW YORK (AP) — Stocks were higher in early morning trading Monday as investors wait for the official start of earnings season.
KEEPING SCORE: The Dow Jones industrial average was up 122 points, or 0.7 percent, to 17,695 as of 10 a.m. Eastern. The Standard & Poor’s 500 index rose 11 points, or 0.6 percent, to 2,059 and the Nasdaq composite rose 30 points, or 0.6 percent, to 4,882.
ALCOA AND EARNINGS: First quarter earnings season officially gets underway this week with results from aluminum mining giant Alcoa. Analysts surveyed by FactSet expect the company report a loss of two cents per share, hurt by lower commodity prices.
Later this week the nation’s largest banks will start reporting their results, including JPMorgan Chase, Citigroup and Wells Fargo. Expectations are low for this earnings season. Analysts surveyed by FactSet expect a decline of 9.1 percent in earnings from a year earlier.
ENERGY: Benchmark U.S. crude oil rose 91 cents to $40.72 a barrel. Brent crude, the international benchmark, rose 79 cents to $42.72 a barrel in London.
TRAFFIC JAM: Hertz Global Holdings fell 50 cents, or 5 percent, to $9.22 after the rental car company cut its full-year earnings forecast. The company said the car rental industry is suffering from too much capacity and competition.
BONDS, CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.74 percent from 1.72 percent. The dollar edged lower 108.05 yen from 108.10 yen in the previous trading session. The euro was slightly higher at $1.1441.
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