Stocks retreat before earnings season
U.S. stocks closed lower Tuesday as traders awaited the start of the corporate earnings season.
The Nasdaq composite index fell 0.23 percent to 3,091.81.
Alcoa reported its fourth-quarter financial results after the market closed, marking the unofficial kickoff to weeks of earnings announcements from U.S. companies. The aluminum maker said its revenue results exceeded the expectations of Wall Street analysts, while per-share earnings were roughly in line with expectations. Alcoa closed unchanged at $9.10.
Alcoa is traditionally the first of the 30 companies in the Dow average to report earnings.
Market-watchers expect the quarter's results could include many surprises because of events like superstorm Sandy, the presidential election, and the narrowly avoided tax increases and spending cuts known collectively as the "fiscal cliff."
"Earnings is going to be the big driver for the next couple of weeks," said Kim Caughey Forrest, vice president and senior analyst at Fort Pitt Capital Group, an investment management firm. -- AP