Stocks sank on debt talks in Washington and worries that Europe's debt crisis could spread to Italy. Financials fell the hardest amid weakness in banks, insurers, and diversified financial services on economic jitters. The tech sector paced the broader market’s retreat. The sector got a lift from semiconductor capital-equipment shares after Citigroup upgraded the stocks of KLA-Tencor and Lam Research Corp. on signs of stronger demand from chip giant Samsung. Among the major decliners were Hewlett-Packard (-3.13%) , Cisco Systems (-1.97%) and Oracle (-2.18% ). In the evening trading Alcoa lost ground after its quarterly adjusted earnings came in shy of estimates. Implied volatiliy inched higher on moderate volumes.
Tuesday, July 12, 2011
Sank on debt worries
Stocks sank on debt talks in Washington and worries that Europe's debt crisis could spread to Italy. Financials fell the hardest amid weakness in banks, insurers, and diversified financial services on economic jitters. The tech sector paced the broader market’s retreat. The sector got a lift from semiconductor capital-equipment shares after Citigroup upgraded the stocks of KLA-Tencor and Lam Research Corp. on signs of stronger demand from chip giant Samsung. Among the major decliners were Hewlett-Packard (-3.13%) , Cisco Systems (-1.97%) and Oracle (-2.18% ). In the evening trading Alcoa lost ground after its quarterly adjusted earnings came in shy of estimates. Implied volatiliy inched higher on moderate volumes.
