Stocks rallied, as investors rushed in after May retail sales topped estimates and Best Buy also beat quarterly profit and sales expectations. Tech sector put in a strong performance, with gains from Apple (+2%) and Nokia (+2.45%) after those companies settled patent litigation. Hewlett-Packard rose 0.23% after the co. announced a major executive shake-up. Hard-disk-drive makers got a boost after Hutchinson Technology raised its outlook for shipments of suspension assemblies for its current quarter. Implied volatility dropped to the 17 level on moderate volumes.
Wednesday, June 15, 2011
Rallied on retail sales and corporate news
Stocks rallied, as investors rushed in after May retail sales topped estimates and Best Buy also beat quarterly profit and sales expectations. Tech sector put in a strong performance, with gains from Apple (+2%) and Nokia (+2.45%) after those companies settled patent litigation. Hewlett-Packard rose 0.23% after the co. announced a major executive shake-up. Hard-disk-drive makers got a boost after Hutchinson Technology raised its outlook for shipments of suspension assemblies for its current quarter. Implied volatility dropped to the 17 level on moderate volumes.
