Stocks soared as a drop in first-time jobless claims calmed nerves about the economy. Applications for jobless benefits declined by 7,000 last week to 395,000 — the lowest number since early April, economists had expected claims to rise. Gains from Cisco helped spur a rally across the tech sector as reaction to its earnings report fueled a upbeat day for tech stocks. Nvidia soared late Thursday after the chip maker turned in quarterly results that beat expectations. Implied volatility dropped below the 35 level on moderate volumes.
Friday, August 12, 2011
Soared on jobless data
Stocks soared as a drop in first-time jobless claims calmed nerves about the economy. Applications for jobless benefits declined by 7,000 last week to 395,000 — the lowest number since early April, economists had expected claims to rise. Gains from Cisco helped spur a rally across the tech sector as reaction to its earnings report fueled a upbeat day for tech stocks. Nvidia soared late Thursday after the chip maker turned in quarterly results that beat expectations. Implied volatility dropped below the 35 level on moderate volumes.
