For the second straight week the major averages closed in the red. However, this past week the selling expanded and accelerated. The Dow Jones Industrial Average (chart) closed the week down 1.61%, the Nasdaq (chart) -2.25%, the S&P 500 (chart) -1.99% and the small-cap barometer Russell 2000 (chart) -2.68%. This week’s market declines occurred despite aluminum producer Alcoa (NYSE: AA) kicking off first quarter earnings reporting season with a solid earnings report.

Speaking of earnings reporting season, next week a slew of earnings reports are scheduled to be issued from the likes of Citigroup (NYSE: C), The Coca-Cola Company (NYSE: KO), Goldman Sachs (NYSE: GS), International Business Machines (NYSE: IBM), Intel (NasdaqGS: INTC), Bank of America (NYSE: BAC), Microsoft (NasdaqGS: MSFT) and General Electric (NYSE: GE) just to name a few.

Needless to say, first quarter earnings reporting season should confirm whether or not the bears will be coming out of hibernation. Good luck to all.

Have a great weekend 🙂

~George