The market finished sharply lower as Congress remained stalled on resolving the debt ceiling, and an economic report showed a significant slowdown in the U.S. manufacturing sector. The manufacturing sector has been one of the economy's bright spots amid a mediocre recovery, so the slowdown in durable goods spending gave investors cause for concern. The tech sector was dragged lower by Cisco, which fell 4%, and Research in Motion, falling 6%. Investors are in selling mode. The impied volatility jumped by more than 13% on Wednesday alone.
Thursday, July 28, 2011
In free fall
The market finished sharply lower as Congress remained stalled on resolving the debt ceiling, and an economic report showed a significant slowdown in the U.S. manufacturing sector. The manufacturing sector has been one of the economy's bright spots amid a mediocre recovery, so the slowdown in durable goods spending gave investors cause for concern. The tech sector was dragged lower by Cisco, which fell 4%, and Research in Motion, falling 6%. Investors are in selling mode. The impied volatility jumped by more than 13% on Wednesday alone.
