Stocks had started the day in sell mode, weighed down by lower commodity prices. But the momentum shifted midday as commodities erased earlier losses. Jobless claims fell to 434,000, down from the previous week but worse than economists’ expectations. Retail sales rose 0.5% in April, but the bulk of the gains came from increasing gas and food prices.Tech stocks mostly rose, bouncing back after Cisco’s disappointing forecast, while Cisco closed down almost 5%. Along with Cisco, declines also came from Microsoft, Apple, Dell and Research In Motion. Nvidia rose 3% ahead of quarterly report due after the market close, then slid 0.9% as reported mixed results after-hours. Implied volatility down 1 point on modest trading volumes.
Friday, May 13, 2011
Rebounded on rising commodities
Stocks had started the day in sell mode, weighed down by lower commodity prices. But the momentum shifted midday as commodities erased earlier losses. Jobless claims fell to 434,000, down from the previous week but worse than economists’ expectations. Retail sales rose 0.5% in April, but the bulk of the gains came from increasing gas and food prices.Tech stocks mostly rose, bouncing back after Cisco’s disappointing forecast, while Cisco closed down almost 5%. Along with Cisco, declines also came from Microsoft, Apple, Dell and Research In Motion. Nvidia rose 3% ahead of quarterly report due after the market close, then slid 0.9% as reported mixed results after-hours. Implied volatility down 1 point on modest trading volumes.
