Stocks finished sharply higher on Friday, after Ben Bernanke signaled the economy is not in need of quick stimulus. At the same time, he cautioned that the Fed’s powers were limited. Tech stocks closed in the green, propelled by gains in Aruba Networks and Pandora Media. Meanwhile, Intel, Microsoft Corp, IBM and Cisco became the top gainers. Late-traded Research In Motion gained 0.6%, bolstered by a ratings upgrade to buy from neutral at Sterne Agee. Implied volatility dropped to the 30 level on moderate volumes. This week investors will quickly turn their attention to the state of the labor market, with the key government report due out Friday. Lingering concerns about the after-effects of Hurricane Irene may keep trading volume light on Monday. Europe will also remain a central focus for investors, especially as Greece’s finance minister has taken a hard line with European banks over the country’s rescue plan.
Monday, August 29, 2011
Finished sharply higher
Stocks finished sharply higher on Friday, after Ben Bernanke signaled the economy is not in need of quick stimulus. At the same time, he cautioned that the Fed’s powers were limited. Tech stocks closed in the green, propelled by gains in Aruba Networks and Pandora Media. Meanwhile, Intel, Microsoft Corp, IBM and Cisco became the top gainers. Late-traded Research In Motion gained 0.6%, bolstered by a ratings upgrade to buy from neutral at Sterne Agee. Implied volatility dropped to the 30 level on moderate volumes. This week investors will quickly turn their attention to the state of the labor market, with the key government report due out Friday. Lingering concerns about the after-effects of Hurricane Irene may keep trading volume light on Monday. Europe will also remain a central focus for investors, especially as Greece’s finance minister has taken a hard line with European banks over the country’s rescue plan.
