$$ - Alcoa kicks off earnings season with a nice report. Hopefully, other companies will follow suit and get this market going again. The earnings reports will be coming in hot and heavy the next few weeks!
I have split thoughts. On the one hand, I've been out to dinner quite a bit lately and the restaurants are very crowded. The casinos are also crowded. So this could mean that folks are spending money because they have it and feel good about the economy.
On the other hand, the increase in Social Security taxes from 4.2% to 6.2% will have a direct impact on consumers. That's a bunch of money taken from consumers who spend money on stuff they want, and given to the government which spends money on things like global warming research and aid to Pakistan. In other words, the government misallocates the money.
Just a thought!