Stocks rallied for a second day of gains, following a report from the FDIC that showed the number of failing banks shrank for the first time in nearly five years and after a regional business indicator proved less awful than a similar gauge last week. Stocks were also lifted by a surge in the oil price, which rose more than 2%. Tech sector rallied powered by gains in shares of Nvidia, which got a lift from an analyst upgrade. IBM, Cisco and Microsoft posted gains to become three of the top gainers on the Dow Jones Industrial Average Other gains came from Oracle, Dell and Intel. Implied volatility dropped sharply lower on modest trading volumes.
Wednesday, August 24, 2011
Rallied on strength in tech stocks
Stocks rallied for a second day of gains, following a report from the FDIC that showed the number of failing banks shrank for the first time in nearly five years and after a regional business indicator proved less awful than a similar gauge last week. Stocks were also lifted by a surge in the oil price, which rose more than 2%. Tech sector rallied powered by gains in shares of Nvidia, which got a lift from an analyst upgrade. IBM, Cisco and Microsoft posted gains to become three of the top gainers on the Dow Jones Industrial Average Other gains came from Oracle, Dell and Intel. Implied volatility dropped sharply lower on modest trading volumes.
