Stocks dropped to their lowest closing levels since September 2010, as worries over Greece’s debt crisis overwhelmed a report showing slightly stronger U.S. manufacturing activity. Greece miss key deficit targets for this year and next, according to the draft budget announced by the Greek cabinet late Sunday. Losses washed over the tech sector, with Yahoo one of the few gainers as Alibaba Group CEO Jack Ma told a conference at Stanford University on Sunday that he was “interested” in buying Yahoo.Amazon was upgraded by Stifel Nicolaus, to buy from hold, but fell almost 2%. Also, Apple gave up almost 2% ahead of an event scheduled for Tuesday, at which the company is expected to unveil its latest iPhone. Oracle fell nearly 3% as the co. kicked off its annual OpenWorld conference. Implied volatility inched higher on moderate volumes.
Tuesday, October 4, 2011
Dropped again on worries over Greece
Stocks dropped to their lowest closing levels since September 2010, as worries over Greece’s debt crisis overwhelmed a report showing slightly stronger U.S. manufacturing activity. Greece miss key deficit targets for this year and next, according to the draft budget announced by the Greek cabinet late Sunday. Losses washed over the tech sector, with Yahoo one of the few gainers as Alibaba Group CEO Jack Ma told a conference at Stanford University on Sunday that he was “interested” in buying Yahoo.Amazon was upgraded by Stifel Nicolaus, to buy from hold, but fell almost 2%. Also, Apple gave up almost 2% ahead of an event scheduled for Tuesday, at which the company is expected to unveil its latest iPhone. Oracle fell nearly 3% as the co. kicked off its annual OpenWorld conference. Implied volatility inched higher on moderate volumes.
