Stocks closed significantly higher, despite clocking large losses through much of the day, after a report that European officials were moving toward a plan to recapitalize the region’s banks. Also, in testimony to the Joint Economic Committee of Congress, Fed chief Bernanke said the central bank was ready to take more action if necessary to bolster the U.S. economic recovery. Tech stocks staged a late rally. Apple partially recovered to end down 0.6% as the co. demonstrated the new iPhone 4S, and cut the prices of its line of iPods. Apple also said that Sprint Nextel would get the iPhone 4S and become the third U.S. carrier after AT&T and Verizon to carry the iPhone. Yahoo edged 6.9% higher, as speculation grew about Alibaba Group Chief Executive Jack Ma’s interest in making a bid for the online company. Implied volatility dropped sharply below the 40 level on moderate trading volumes.
Wednesday, October 5, 2011
Eked out solid gains
Stocks closed significantly higher, despite clocking large losses through much of the day, after a report that European officials were moving toward a plan to recapitalize the region’s banks. Also, in testimony to the Joint Economic Committee of Congress, Fed chief Bernanke said the central bank was ready to take more action if necessary to bolster the U.S. economic recovery. Tech stocks staged a late rally. Apple partially recovered to end down 0.6% as the co. demonstrated the new iPhone 4S, and cut the prices of its line of iPods. Apple also said that Sprint Nextel would get the iPhone 4S and become the third U.S. carrier after AT&T and Verizon to carry the iPhone. Yahoo edged 6.9% higher, as speculation grew about Alibaba Group Chief Executive Jack Ma’s interest in making a bid for the online company. Implied volatility dropped sharply below the 40 level on moderate trading volumes.
