It's spring and besides the expected flowers aluminum demand may be soon be spouting if one can believe the earnings report today from Alcoa (AA).
Earnings for Alcoa rose 3.5% to nearly $13/share, $12.97 to be exact, the company reported. The news carried some significance since Alcoa is the first in the S&P 500 to report.
The company also forecast rising demand for the light metal that's used in a variety of manufacturing, saying demand will outstrip production in 2014. On the one hand that might not be saying much since there's been a drastic cutback in production. On the other hand, time will tell.
Alcoa's news boosted other raw materials as they joined health care companies to rally more than 1.4% to push other equities higher. Biotech was another winner as the Nasdaq Biotech Index spurted 3.6%.
Two big money center banks, JP Morgan and Wells Fargo, are up next when they report this Friday.
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