Stocks fell from earlier highs but still managed to record gains after Bernanke reiterated that the central bank remains ready to provide additional stimulus. Also, before the market open the National Bureau of Statistics said that China’s economy grew at an annual pace of 9.5% between April and June, marking a slight slowdown from the first quarter, but higher than economists expected. Internet shares led the tech sector higher, buoyed by a bullish note from J.P. Morgan pointing to “strong secular growth.” J.P. Morgan was particularly upbeat about Netflix, Amazon and Google. U.S. stock index futures and the dollar fell Wednesday evening after Moody’s Investors Service placed its Aaa bond rating on the debt on review for possible downgrade because of a rising risk of default. Implied volatility inched lower below below the 20 level on light trading volumes.
Thursday, July 14, 2011
Posted moderate gains
Stocks fell from earlier highs but still managed to record gains after Bernanke reiterated that the central bank remains ready to provide additional stimulus. Also, before the market open the National Bureau of Statistics said that China’s economy grew at an annual pace of 9.5% between April and June, marking a slight slowdown from the first quarter, but higher than economists expected. Internet shares led the tech sector higher, buoyed by a bullish note from J.P. Morgan pointing to “strong secular growth.” J.P. Morgan was particularly upbeat about Netflix, Amazon and Google. U.S. stock index futures and the dollar fell Wednesday evening after Moody’s Investors Service placed its Aaa bond rating on the debt on review for possible downgrade because of a rising risk of default. Implied volatility inched lower below below the 20 level on light trading volumes.
