Stocks trimmed earlier losses Monday afternoon, amid hopes that Greece may avoid a default. But the uncertainty over the debt-laden nation’s future still ended the market’s 5-day winning streak. Also, President Obama unveiled a plan to cut the national debt by $3 trillion over the next decade, but plan includes tax increases, investors are skeptical that Washington will ever be able to pass anything. Technology stocks headed south, joining a broad market selloff. Applied Materials and Lam Research highlighted the retreat, falling sharply after Goldman Sachs downgraded the stocks for the chip-equipment tool makers. UBS upgraded Texas Instruments to buy from neutral, citing the chip company’s strong position in the analog and embedded chip market. Apple edged up 3% and hit a 52-week high. After-hours Standard & Poor’s said it has cut its unsolicited long- and short-term sovereign credit ratings on Italy by one notch to A/A-1 from A+/A-1+, with a negative outlook. Implied volatility inched higher on light trading volumes.
Tuesday, September 20, 2011
Managed to close with gains
Stocks trimmed earlier losses Monday afternoon, amid hopes that Greece may avoid a default. But the uncertainty over the debt-laden nation’s future still ended the market’s 5-day winning streak. Also, President Obama unveiled a plan to cut the national debt by $3 trillion over the next decade, but plan includes tax increases, investors are skeptical that Washington will ever be able to pass anything. Technology stocks headed south, joining a broad market selloff. Applied Materials and Lam Research highlighted the retreat, falling sharply after Goldman Sachs downgraded the stocks for the chip-equipment tool makers. UBS upgraded Texas Instruments to buy from neutral, citing the chip company’s strong position in the analog and embedded chip market. Apple edged up 3% and hit a 52-week high. After-hours Standard & Poor’s said it has cut its unsolicited long- and short-term sovereign credit ratings on Italy by one notch to A/A-1 from A+/A-1+, with a negative outlook. Implied volatility inched higher on light trading volumes.
