Stock started lower after Japan raised the level of its nuclear disaster and Alcoa’s disappointing first-quarter revenue growth. A morning selloff deepened after several economists trimmed estimates for first-quarter economic growth as the Commerce Department said imports fell 1.7% and exports declined 1.4%. Tech stocks also closed in the red as CSCO announced it was cutting 550 jobs as part of a restructuring of its consumer-products business. Implied volatility little changed on light trading volumes.
Wednesday, April 13, 2011
Fell on revised growth forecasts
Stock started lower after Japan raised the level of its nuclear disaster and Alcoa’s disappointing first-quarter revenue growth. A morning selloff deepened after several economists trimmed estimates for first-quarter economic growth as the Commerce Department said imports fell 1.7% and exports declined 1.4%. Tech stocks also closed in the red as CSCO announced it was cutting 550 jobs as part of a restructuring of its consumer-products business. Implied volatility little changed on light trading volumes.
