Despite the overall positive nature of the data, stocks ran into a flurry of selling pressure in early going. However, the dip was short-lived. Market players paid little attention to news that July business inventories fell a slightly steeper-than-expected and Fed Chairman Bernanke's statement that the recession is very likely over. August retail sales rose 2.7%. Materials stocks attracted plenty of interest. The sector climbed 2.3% to finish with the best gains of any major sector. Best Buy posted worse-than-expected earnings and bright outlook. QQQQ's implied volatility dropped below 52-week lows.
Wednesday, September 16, 2009
Lifted by strong economic data
Despite the overall positive nature of the data, stocks ran into a flurry of selling pressure in early going. However, the dip was short-lived. Market players paid little attention to news that July business inventories fell a slightly steeper-than-expected and Fed Chairman Bernanke's statement that the recession is very likely over. August retail sales rose 2.7%. Materials stocks attracted plenty of interest. The sector climbed 2.3% to finish with the best gains of any major sector. Best Buy posted worse-than-expected earnings and bright outlook. QQQQ's implied volatility dropped below 52-week lows.
