Stocks rallied and ended session with huge gains – erasing a big chunk of the prior session’s steep losses – after the Federal Reserve said it will keep interest rates exceptionally low until 2013. Technology stocks closed sharply higher after joining the broader market on a wild ride. Microsoft, IBM, Intel , Oracle and Apple saw substantial gains. However, AOL tumbled 26% to close after the co. reported a second-quarter loss. Implied volatility slipped 10% on huge volumes.
Wednesday, August 10, 2011
Rallied after the Fed’s announcement
Stocks rallied and ended session with huge gains – erasing a big chunk of the prior session’s steep losses – after the Federal Reserve said it will keep interest rates exceptionally low until 2013. Technology stocks closed sharply higher after joining the broader market on a wild ride. Microsoft, IBM, Intel , Oracle and Apple saw substantial gains. However, AOL tumbled 26% to close after the co. reported a second-quarter loss. Implied volatility slipped 10% on huge volumes.
