Apr 11 - Markets take heart in Alcoa's profit surprise, sending stocks higher for the first time in six sessions. Bobbi Rebell reports.
After a five-day losing streak Wall Street is bouncing back - posting gains early in Wednesday's session. After the bell on Tuesday, Alcoa- the first Dow component to announce quarterly earnings- reported better than expected results. The benchmark S&P 500 index had closed below its 50 day moving average on Tuesday for the first time since December- and posted the largest daily percentage decline in 4 months. U.S. import prices rose in March by the most in nearly a year. The key driver- higher petroleum costs. Outside that area, prices climbed more modestly. Overall import prices were up 1.3 percent according to the Labor Department- the biggest gain since April of 2011. Home mortgage applications fell last week- despite a drop in the average interest rate of 30-year loans. Bobbi Rebell, Reuters.