MarketView for January 9

Summary

The major equity indexes moved into positive territory on Wednesday, rebounding from two days of losses, as the Street turned its attention to the first prominent results of the earnings season. Share prices had retreated at the start of the week from the S&P 500's highest point in five years, hit last Friday, on worries about possible earnings weakness.

Shares of Alcoa were down 0.5 percent to $9.08 after early gains, following the company's earnings release after the bell on Tuesday. The Company said it expects global demand for aluminum to grow in 2013.

Herbalife rose 4.2 percent to $39.95 in its most active day of trading in the company's history after hedge fund manager Dan Loeb took a large stake in the nutritional supplements seller. Prominent short-seller Bill Ackman had previously accused the company of being a "pyramid scheme," which Herbalife has denied.

Overall, corporate profits were expected to exceed the previous quarter's meager 0.1 percent rise. Both earnings and revenues in the fourth quarter are expected to have grown by 1.9 percent, according to Thomson Reuters data.

Facebook ended the day above $30 for the first time since July 2012, trading up 5.3 percent at $30.59. Facebook, which has been tight-lipped about its plans after its disastrous IPO in May, invited the media to its headquarters next week.

Clearwire ended the day up 7.2 percent at $3.13 after Dish Network bid $2.28 billion for the company, beating out a previous Sprint offer and setting the stage for a takeover battle for the wireless service provider that owns crucial mobile spectrum.

Apollo Group fell after heavier early losses, a day after it reported lower student sign-ups for the third straight quarter and cut its operating profit outlook for 2013. Apollo's shares ended the day down 7.8 percent at $19.32.

Approximately 6.10 billion shares traded hands on Wednesday on the three major equity indexes, a number that was below the daily 2012 average of 6.42 billion shares.