After trading sharply lower most of the day, stocks slowly climbed back to end session modestly positive. In economic data, the number of planned job cuts surged to a 16-month high in July, the private sector gained 114,000 jobs in July, beating expectations, and the ISM's service sector index fell to a reading of 52.7, worse than estimated. The tech sector closed with modest gains, with Intel powered the rally. Also, the sector got an early lift from Research In Motion, which jumped almost 5% after rolling out new models of BlackBerry device. Implied volatility inched lower on moderate volumes.
Thursday, August 4, 2011
Snapped losing streak
After trading sharply lower most of the day, stocks slowly climbed back to end session modestly positive. In economic data, the number of planned job cuts surged to a 16-month high in July, the private sector gained 114,000 jobs in July, beating expectations, and the ISM's service sector index fell to a reading of 52.7, worse than estimated. The tech sector closed with modest gains, with Intel powered the rally. Also, the sector got an early lift from Research In Motion, which jumped almost 5% after rolling out new models of BlackBerry device. Implied volatility inched lower on moderate volumes.
