Alcoa profit better than expected

Alcoa Inc. kicked off the U.S. second-quarter earnings reporting season Monday with better-than-expected results of $136 million US, or 13 centsa share.

Many analysts had expected the largest U.S. aluminum company, based inPittsburgh,to make between 11and 12 cents.

Revenue was $5.2 billion, better than the widely estimated $5.02 billion.

Alcoa's results came after the markets closed but in after-hours trading among large institutional investors such as pension funds, its shares rose 33 cents, or more than three per cent, to $11.20.

Alcoa also raised its estimate for growth in global aluminum consumption this year to 12 per cent from 10 per cent.

Investors will be watching earnings for clues about the strength of the U.S. economy andfor what corporate outlooks suggest about activity for the rest of the year.

The Toronto stock market closedlower Monday, with the S&P/TSX composite index losing4.69 points, or 0.04 per cent, to 11,565.76, while the Canadian dollar closed down .35 of a centat 96.39 cents US.

The stronger U.S. dollar helpedpush down oil. Thecontract for August deliveryclosed off$1.14 centsto $74.95 US a barrel.

New York's Dow Jones industrial average finished the day up 18.24 points, or 0.2 per cent, to 10,216.27.

The Nasdaq composite index was up 1.91points, or 0.09 per cent, to 2,198.36, and the S&P 500 index wasup 0.79 ofa point, or 0.07 per cent, to 1,078.75.