Stocks retreated as investors braced for Bernanke’s speech Friday morning. Also, jobless claims rose more than expected, as a dispute between Verizon and its union employees caused thousands of workers to seek jobless benefits. Bank of America rose 9.4% after the Berkshire Hathaway said it would invest $5 billion in the lender. Apple shed 0.7% a day after Steve Jobs resigned. Technology stocks slipped into the red as Applied Materials tumbled after the co. reported a disappointing outlook. Also, AMD finally named a new chief. Implied volatility surged above the 35 level on modest volumes.
Friday, August 26, 2011
Fell ahead of Bernanke
Stocks retreated as investors braced for Bernanke’s speech Friday morning. Also, jobless claims rose more than expected, as a dispute between Verizon and its union employees caused thousands of workers to seek jobless benefits. Bank of America rose 9.4% after the Berkshire Hathaway said it would invest $5 billion in the lender. Apple shed 0.7% a day after Steve Jobs resigned. Technology stocks slipped into the red as Applied Materials tumbled after the co. reported a disappointing outlook. Also, AMD finally named a new chief. Implied volatility surged above the 35 level on modest volumes.
