Stocks ended higher for the third straight session, pushing the Dow Jones Industrial Average to a multiyear high, as investors took confidence from stronger earnings and outlooks, despite report about manufacturing in the Philadelphia region that slipped in April to a five-month low. Lower-than-expected jobless claims (remained above 400,000 for a second week) also helped the market to hold on gains. Tech stocks surged, powered by gains in shares of Apple and Qualcomm. In after-hours trading AMD and SanDisk topped estimates but issued flat guidance. Implied volatility slipped to one-year low on modest trading volumes. The week ahead will be key in determining whether there’s reason for the market to continue to trend higher, and how much rising commodities costs have pressured margins.
Friday, April 22, 2011
Soared on earnings
Stocks ended higher for the third straight session, pushing the Dow Jones Industrial Average to a multiyear high, as investors took confidence from stronger earnings and outlooks, despite report about manufacturing in the Philadelphia region that slipped in April to a five-month low. Lower-than-expected jobless claims (remained above 400,000 for a second week) also helped the market to hold on gains. Tech stocks surged, powered by gains in shares of Apple and Qualcomm. In after-hours trading AMD and SanDisk topped estimates but issued flat guidance. Implied volatility slipped to one-year low on modest trading volumes. The week ahead will be key in determining whether there’s reason for the market to continue to trend higher, and how much rising commodities costs have pressured margins.
