Stocks fell after Bernanke made a speech reiterated previous statements that the central bank stands ready to use certain “tools” to help stimulate the economy. But he offered no indication as to which of those tools the Fed is, or is not, prepared to use. Also, jobless claims rose 2,000 to 414,000 in the week ending Sept. 2, up from the 409,000 claims filed the week before, and worse than the 400,000 claims expected. Technology stocks ended lower after Bernanke’s remarks. Cisco was one of the few notable tech gainers, rising 2.6%, after the rating upgrade. SanDisk rose 2.4% and Micron gained 3%. After-hours Texas Instruments gave up 1.2% as the co. cut its sales and earnings forecasts for the third quarter, citing “broadly lower demand across a wide range of products, markets and customers”. VeriSign tumbled 8.6% following the company’s announcement that finance chief Brian Robins is resigning. Implied volatility inched higher on modest volumes.
Friday, September 9, 2011
Stocks retreated after Bernanke’s speech
Stocks fell after Bernanke made a speech reiterated previous statements that the central bank stands ready to use certain “tools” to help stimulate the economy. But he offered no indication as to which of those tools the Fed is, or is not, prepared to use. Also, jobless claims rose 2,000 to 414,000 in the week ending Sept. 2, up from the 409,000 claims filed the week before, and worse than the 400,000 claims expected. Technology stocks ended lower after Bernanke’s remarks. Cisco was one of the few notable tech gainers, rising 2.6%, after the rating upgrade. SanDisk rose 2.4% and Micron gained 3%. After-hours Texas Instruments gave up 1.2% as the co. cut its sales and earnings forecasts for the third quarter, citing “broadly lower demand across a wide range of products, markets and customers”. VeriSign tumbled 8.6% following the company’s announcement that finance chief Brian Robins is resigning. Implied volatility inched higher on modest volumes.
