News Summary: US stocks fall ahead of earnings

AP News
Posted: Jan 08, 2013 4:37 PM

WAIT AND SEE: U.S. stocks fell modestly Tuesday as traders awaited the unofficial start of corporate earnings season. The Dow Jones industrial average closed down 55 points.

ALCOA KICKOFF: Aluminum producer Alcoa reported its results after the market closed. Alcoa is the first of the 30 companies in the Dow to report its earnings. Alcoa's stock jumped 2 percent in late trading after the company reported revenue that beat analysts' forecasts. Per-share earnings were in line with expectations.

BUCKLE UP: 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."