The market fell sharply after a surprise rise in jobless claims. Jobless claims rose by 43,000 to 474,000 in the past week vs. decline to 412,000 expected. Oil prices sank 8.6% to $99.80 a barrel. Gains from Electronic Arts and JDS Uniphase, as well as the latest in Cisco’s reorganization efforts failed to provide a support to the Nasdaq Index. Implied volatility inched higher.
Friday, May 6, 2011
Extended losses
The market fell sharply after a surprise rise in jobless claims. Jobless claims rose by 43,000 to 474,000 in the past week vs. decline to 412,000 expected. Oil prices sank 8.6% to $99.80 a barrel. Gains from Electronic Arts and JDS Uniphase, as well as the latest in Cisco’s reorganization efforts failed to provide a support to the Nasdaq Index. Implied volatility inched higher.
