Stocks finished near their worst levels of the session following disappointing data as both the ADP Employment report and ISM Index fell short of expectations and a late downgrade of Greek debt by Moody's. Most of tech stocks tumbled amid broader market selloff. Yahoo closed down 4.3% after an agreement in principle with Alibaba Group for compensation for the transfer of ownership of online-payment service Alipay. Research In Motion lost 6% following reports that the U.S. government may offer its staff the option of choosing Apple’s iPhones and iPads over RIM’s BlackBerry devices. Implied volatility spiked to the 17.5 level on huge trading volumes.
Thursday, June 2, 2011
Tumbled on disappointing economic data
Stocks finished near their worst levels of the session following disappointing data as both the ADP Employment report and ISM Index fell short of expectations and a late downgrade of Greek debt by Moody's. Most of tech stocks tumbled amid broader market selloff. Yahoo closed down 4.3% after an agreement in principle with Alibaba Group for compensation for the transfer of ownership of online-payment service Alipay. Research In Motion lost 6% following reports that the U.S. government may offer its staff the option of choosing Apple’s iPhones and iPads over RIM’s BlackBerry devices. Implied volatility spiked to the 17.5 level on huge trading volumes.
