Not much news today.
First the scoreboard:
And now the top stories:
- There was no market-moving economic news worth noting today.
- Earnings season kicked off yesterday afternoon when aluminum giant Alcoa announced its Q4 financial results. And the announcement was good. Earnings were in line with expectations, and revenue was stronger than expectations. Demand in China is "coming back," wrote management.
- If there were a big story today, it was the ongoing collapse of the volatility index (VIX), aka the "fear index." According to Bespoke Investment Group, the VIX is now near a 6-year low. Stifel Nicolaus' Dave Lutz tied today's drop in the VIX to a Washington Post article that noted House Speaker John Boehner and the GOP have little leverage in the ongoing fight over the debt ceiling.
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