Stocks fell after German and French leaders spoke about Europe's debt problems, but offered little in the way of action. Investors were particularly disappointed that Sarkozy and Merkel said the size of the 440 billion euro stability fund is sufficient, despite economists' push to greatly expand the bailout fund. Earnings results from some large U.S. retailers helped limit losses. Wal-Mart and Home Depot hiked theirs profit outlook, as earnings topped expectations. Google was one of the biggest losers among tech stocks as investors braced for several crucial earnings reports from key players amid an increasingly blurry economic outlook. Dell closed up nearly 2%, but the company took a beating in after-hours trading after it reported higher profit but lowered its full-year revenue outlook. Implied volatility inched higher to the 30 level on moderate trading volumes.
Wednesday, August 17, 2011
Dropped on Europe worries
Stocks fell after German and French leaders spoke about Europe's debt problems, but offered little in the way of action. Investors were particularly disappointed that Sarkozy and Merkel said the size of the 440 billion euro stability fund is sufficient, despite economists' push to greatly expand the bailout fund. Earnings results from some large U.S. retailers helped limit losses. Wal-Mart and Home Depot hiked theirs profit outlook, as earnings topped expectations. Google was one of the biggest losers among tech stocks as investors braced for several crucial earnings reports from key players amid an increasingly blurry economic outlook. Dell closed up nearly 2%, but the company took a beating in after-hours trading after it reported higher profit but lowered its full-year revenue outlook. Implied volatility inched higher to the 30 level on moderate trading volumes.
