Stocks posted mild gains in volatile session, as investors weighed disappointed economic data against backdrop of ongoing support from the Federal Reserve. The Philadelphia Fed index, a regional reading, fell to 3.9 in May from 18.5 in April, the lowest level since October and much worse than expected. Reports on the housing market and leading economic indicators were also disappointing. Sentiment improved on better-tan-expected weekly report on jobless claims. Among leading tech stocks, gains came from Apple, Cisco, Oracle and Amazon. Intel declined the most among the blue chips (-1.4%) after a downgrade from Goldman Sachs on possible supply glut due to the popularity of tablet computers. Implied volatility inched lower.
Friday, May 20, 2011
Ended slightly higher in volatile session
Stocks posted mild gains in volatile session, as investors weighed disappointed economic data against backdrop of ongoing support from the Federal Reserve. The Philadelphia Fed index, a regional reading, fell to 3.9 in May from 18.5 in April, the lowest level since October and much worse than expected. Reports on the housing market and leading economic indicators were also disappointing. Sentiment improved on better-tan-expected weekly report on jobless claims. Among leading tech stocks, gains came from Apple, Cisco, Oracle and Amazon. Intel declined the most among the blue chips (-1.4%) after a downgrade from Goldman Sachs on possible supply glut due to the popularity of tablet computers. Implied volatility inched lower.
