Stocks dropped as investors turned downbeat late in the session following comments from Federal Reserve Chairman Ben Bernanke about “somewhat slower” than expected economic growth, “uneven” recovery. Tech stocks also closed mixed. Gains came from Intel, Altera and Applied Materials, which advanced 1% on average. Slight gains came from Microsoft and Adobe. On the downside, Nokia fell almost 1% after Fitch cut its rating to BBB- from BBB+, citing diminishing market share for the company’s Symbian smartphone platform. Apple fell 1.8% a day after the company’s annual developers’ conference. Implied volatility inched lower on light trading volumes.
Wednesday, June 8, 2011
Dropped on weak economic outlook
Stocks dropped as investors turned downbeat late in the session following comments from Federal Reserve Chairman Ben Bernanke about “somewhat slower” than expected economic growth, “uneven” recovery. Tech stocks also closed mixed. Gains came from Intel, Altera and Applied Materials, which advanced 1% on average. Slight gains came from Microsoft and Adobe. On the downside, Nokia fell almost 1% after Fitch cut its rating to BBB- from BBB+, citing diminishing market share for the company’s Symbian smartphone platform. Apple fell 1.8% a day after the company’s annual developers’ conference. Implied volatility inched lower on light trading volumes.
