Stocks closed solidly lower, as weakness in financial shares offset a stronger-than-expected manufacturing report that initially eased some investor jitters. Among tech stocks, Ciena rose more than 20% after the co. reported lower than expected losses. But nearly the rest of the sector slumped over the day’s trading as investors pulled back ahead of Friday’s jobs report. In the evening trade Netflix slid after a unit of Liberty Starz said it will stop distributing its content on the company’s platform next year. Implied volatility inched higher on modest trading volumes, but is still below the 30 level.
Friday, September 2, 2011
Started month on weak note
Stocks closed solidly lower, as weakness in financial shares offset a stronger-than-expected manufacturing report that initially eased some investor jitters. Among tech stocks, Ciena rose more than 20% after the co. reported lower than expected losses. But nearly the rest of the sector slumped over the day’s trading as investors pulled back ahead of Friday’s jobs report. In the evening trade Netflix slid after a unit of Liberty Starz said it will stop distributing its content on the company’s platform next year. Implied volatility inched higher on modest trading volumes, but is still below the 30 level.
