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NEW YORK (CNNMoney)
Second quarter earnings season kicks off after the close of trading with results from aluminum producer Alcoa (AA, Fortune 500) -- a Dow Jones Industrial Average component, whose earnings investors watch as a first-look indicator of how companies fared in the past quarter.
The Dow, the S&P 500 and the Nasdaq moved up between 0.5% and 0.8%. The Dow gained more than 100 points.
Still, analysts aren't as sanguine about the prospects for growth and higher profits in corporate America.
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"Sales have got to start coming through," said fund manager Fiona Harris from J.P. Morgan Asset Management. "We believe the relatively sluggish U.S. sales growth could start to weigh heavily if we don't see improvement soon."
Fed taper puts earnings in focus: Earnings are starting to matter more now to the stock market, as many investors and analysts expect the Fed to taper its bond buying program by year-end.
The Fed's bond buying has been the major catalyst for a stock market rally this year. All three indexes are up between 14% and 16% in 2013.
Earnings bonanza: Results are due later in the week from companies including Yum! Brands (YUM, Fortune 500), JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500).
Related: Fear & Greed Index shows investors still fearful
In economic news, the Federal Reserve is set to release its monthly report on consumer credit at 3 p.m. ET.
According to Kit Juckes of Societe Generale in London, among the issues standing out for global investors in the week ahead are a speech by Federal Reserve chairman Ben Bernanke's on Wednesday, a possible "Scotch tape solution" to Portugal's economic crisis and concerns about the slowdown in China's economy.
U.S. stocks finished higher Friday following a strong monthly jobs report. Investors seemed to set aside concerns about the Federal Reserve and focused on the improved outlook for economic growth.
European markets made strong advances in afternoon trading., gaining between 1.3% and 2.3%.
Related: Citadel computers run the stock market
But Asian markets ended in the red. The Hang Seng index and the Nikkei in Japan both dropped by more than 1%. The Shanghai Composite index fell even further, down by 2.4%, on continuing concerns about slowing growth in China.
Shares of Asiana Airlines dropped in South Korean markets after a Boeing 777 crashed in San Francisco over the weekend. But the stock price for Boeing (BA, Fortune 500) was little changed. 
First Published: July 8, 2013: 9:42 AM ET
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