Not all market news is scary — Alcoa, S&P 500 profits rising

Concern about the global economy has Wall Street tumbling today, but not all the market news is quite so scary. Consider the profit expectations for aluminum maker Alcoa Inc.

Bloomberg says Alcoa, which has a large presence next door in Blount County, may report that its second quarter profit more than doubled on rising global demand. Alcoa is benefiting from the growth of companies like General Motors and Airbus.

But wait, there’s more.

Bloomberg also reports that Caterpillar Inc. and Dow Chemical Co. are expected to “report 63 percent and 42 percent growth” and earnings growth in the Standard & Poor’s 500 Index is returning to normal.

If  Bloomberg is on the mark, those kind of profits indicate the US economy will continue to improve in the second half of the year.

The key is to keep Republicans and Democrats from screwing things up as they battle for political advantage.