Stocks tumbled after the Federal Reserve issued a cautious economic outlook just days before it ends its asset-buying program and held its benchmark interest rate near zero percent. Tech stocks put in a mostly negative trading session, with a 6% loss from Adobe Systems shares after its weaker-than-expected next quarter guidance. Losses also came from Dell, Hewlett-Packard, Oracle and Intel. In after-hours trading Red Hat added 4.2% after upbeat earnings report. Implied volatilirty inched higher on very light trading volumes.
Thursday, June 23, 2011
Retreated after Fed's meeting
Stocks tumbled after the Federal Reserve issued a cautious economic outlook just days before it ends its asset-buying program and held its benchmark interest rate near zero percent. Tech stocks put in a mostly negative trading session, with a 6% loss from Adobe Systems shares after its weaker-than-expected next quarter guidance. Losses also came from Dell, Hewlett-Packard, Oracle and Intel. In after-hours trading Red Hat added 4.2% after upbeat earnings report. Implied volatilirty inched higher on very light trading volumes.
