Stocks closed higher as investors digested weak ecomonic data. Weekly claims for unemployment benefits rose by 10,000 to 424,000. GDP rose 1.8%, below 2.2% expected. Technology and consumer discretionary stocks led the market higher. Microsoft rose 2% after positive comment from hedge-fund manager David Einhorn. NetApp traded up 7% after upbeat earnings results and a better-than-anticipated forecast. Yahoo slipped 1%, as brokers issued mostly lukewarm reactions to the company’s analyst meeting held on the previous day. Implied volatility declined sharply to the 15 level.
Friday, May 27, 2011
Digested weak economic data
Stocks closed higher as investors digested weak ecomonic data. Weekly claims for unemployment benefits rose by 10,000 to 424,000. GDP rose 1.8%, below 2.2% expected. Technology and consumer discretionary stocks led the market higher. Microsoft rose 2% after positive comment from hedge-fund manager David Einhorn. NetApp traded up 7% after upbeat earnings results and a better-than-anticipated forecast. Yahoo slipped 1%, as brokers issued mostly lukewarm reactions to the company’s analyst meeting held on the previous day. Implied volatility declined sharply to the 15 level.
