NEW YORK (AP) — The stock market is rising Monday, ahead of the start of earnings season and on increasing confidence that the economy can support profit growth for U.S. companies.
Aluminum producer Alcoa, the first company in the Dow to announce earnings, will report its second-quarter results after the market closes. Banks JPMorgan and Wells Fargo are also among companies that will report earnings this week.
Analysts predict that earnings growth for companies in the Standard & Poor's 500 index rose 3 percent in the second quarter. While growth is down from 5 percent in the first quarter, earnings are expected to remain close to record levels.
Like in the first quarter, investors and traders will search for evidence that companies are increasing revenues, not just cutting costs to boost profits. Sales growth is predicted to fall 0.3 percent in the second quarter.
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