The S&P is poised for its worst weekly drop in 2012Stocks are tumbling today, following a two-day rally, as a slowdown inChina overshadows a batch of better-than-expected earnings results.Financial, tech and industrial shares had the biggest declines. Bankof America and GE dropping nearly 2%, and all three indices are downabout a percent.And we’re back to earnings season- wrapping up the first week – and onthe bright side, 71 percent of companies to report saw their earningsbeat analyst estimates – that’s 5 out of the 7 reporting -Alcoa reallykicked things off on Monday beating estimates. Also a beat for WellsFargo and Google. And today JPMorgan reported a 3 percent drop inearnings, beating analysts estimates. Their mortgage revenue surgedand trading almost doubled from the fourth quarter. Right now itlooks like a strong start to the earnings season.
