Major averages reversed after an initial morning gap-up to close lower on mixed volume, with volume higher on the S&P 500. Crude finished higher but the averages finished at their lows. The NASDAQ Composite has closed three days in a row below its 200-day moving average, with the last two days coming on reversals back to the downside after initial gap-up opens.
Alcoa (AA) which kicked off earnings season yesterday after the close traded lower in the after-hours by about 4%, though it also traded lower by several percent after it reported earnings the last two times, on October 9, 2015 and January 12, 2016. The general market shrugged off earnings which were overall weak in October because easy money via central banks was a more important factor. Meanwhile, in January, the market headed lower but this was primarily due to the global economic crisis at hand.
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