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Stocks Rise on Optimism for Corporate Earnings


The company said it expected to be in a good position for 2013 on global demand growth in aluminum amid a pickup in the Chinese economic recovery.

"Such anecdotal signs that the belly of the Chinese dragon is starting to rumble again will not go unnoticed by investors around the world," said Andrew Wilkinson, chief economist strategist at Miller Tabak.

During an interview with CNBC on the company's earnings, Alcoa CEO Klaus Kleinfeld warned that the U.S. must resolve debt ceiling issues or see the destruction of market confidence.

No major U.S. economic releases were published Wednesday.

Gold for February delivery slid Wednesday by $6.70 at $1,655.50 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil contracts fell 5 cents to finish at $93.56 a barrel.

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The benchmark 10-year Treasury was up 1/32 to dilute the yield to 1.867%. The dollar was up 0.24%, according to the U.S. dollar index .

Wine company Constellation Brands raised its full-year profit outlook after posting third-quarter earnings of 63 cents a share on revenue of $767 million, blowing past the average analyst estimate of 55 cents a share on revenue of $751.8 million. Shares lost 0.67% as investors took profits after the stock had gained more than 2%.

Dish Network (DISH) offered to acquire Clearwire(CLWR) for $3.30 a share, or $5.15 billion, topping a bid from Sprint(S) for the wireless service provider. Dish shares rose 2.5%, while Clearwire shares surged 7.2%.

Seagate Technology (STX) , the disk-drive maker, on Tuesday raised revenue guidance for the fiscal second quarter ended Dec. 28.

Seagate said it expects quarterly revenue of at least $3.6 billion, higher than its previous forecast of about $3.5 billion. Shares added 6.6%.

Apollo Group (APOL) shares plunged 7.7% after the private education provider slashed its fiscal 2013 outlook for operating income.

MasterCard(MA) shares increased 2.8% after the stock was upgraded by Goldman Sachs.

Dunkin Brands (DNKN) shares rose 2.5% after the stock was upgraded at Janney.

Morgan Stanley (MS) shares slipped 0.15% amid reports that the bank will be eliminating 1,600 jobs at its institutional securities group.

Trading in the shares of bankrupt AMR(AAMRQ.PK) popped 43% Wednesday after the carrier's bankruptcy attorney said they may have value .

-- Written by Andrea Tse and Joe Deaux in New York.

>To contact the writer of this article, click here: Andrea Tse .