Stocks stretched losses into a fourth week, as apprehensive investors remained on alert for any sign of trouble or resolution from the European Union and its banks. Hewlett-Packard weighed most heavily among the blue chips, off 20% a day after the co. reduced its outlook and said it might spin off its PC unit. While some tech stocks held on to gains afternoon, the overall sector turned south in late trading, with Hewlett-Packard plunging to a six-year-low. Dell, Marvell Technology and Intuit outperformed the market after strong earnings and upgrades. This week will be fairly quiet as far as scheduled economic and company events, but fears about the U.S. possibly heading into another recession and the financial crisis in Europe are expected to weigh heavily on trading. The big event for investors will be on Friday, when Ben Bernanke will give his keynote speech at the Kansas City Fed’s annual retreat.
Monday, August 22, 2011
Turbulent week ahead
Stocks stretched losses into a fourth week, as apprehensive investors remained on alert for any sign of trouble or resolution from the European Union and its banks. Hewlett-Packard weighed most heavily among the blue chips, off 20% a day after the co. reduced its outlook and said it might spin off its PC unit. While some tech stocks held on to gains afternoon, the overall sector turned south in late trading, with Hewlett-Packard plunging to a six-year-low. Dell, Marvell Technology and Intuit outperformed the market after strong earnings and upgrades. This week will be fairly quiet as far as scheduled economic and company events, but fears about the U.S. possibly heading into another recession and the financial crisis in Europe are expected to weigh heavily on trading. The big event for investors will be on Friday, when Ben Bernanke will give his keynote speech at the Kansas City Fed’s annual retreat.
