The Stock Market Is Back on a Roll, Capping off the Best Week in Months
The stock market is on a winning streak. The Dow Jones Industrial Average is up 5 straight days, its best winning streak since February. The S&P 500's string of gains is the best since December. The Dow also closed above 17,000 for the first time since August. Earnings season has officially begun and it's not off to a great start. Alcoa (AA) had a big earnings miss. Its high growth aerospace and automotive materials segments could not soften the effects of low commodity prices. Alcoa also slashed its outlook for China's production of cars and trucks. Tesla (TSLA) CEO Elon Musk did some trash talking against Apple when interviewed by a German business newspaper. He told the paper that Apple has only hired the engineers its fired. He says cars are complex machines when compared to smartphones and watches. The annual meetings of the World Bank and International Monetary Fund begin today. Atlanta Federal Reserve President Dennis Lockhart speaks before the Society of American Business Editors and Writers. August Wholesale Inventories are released.
