The market closed lower, as credit-rating cuts for Italy and Spain offset a better-than-anticipated payrolls report. Employers added 103,000 workers in September after a revised 57,000 increase the month before, the unemployment rate remained at 9.1%. Fitch cut its credit ratings for Italy and Spain and Moody’s downgraded 12 U.K. banks. Tech stocks closed in the red, with Apple among the decliners. Also, Sprint Nextel fell 20% after the co. said it would need to raise more capital to expand a high-speed data network. This week investors will focus on earnings season start, retail sales and consumer sentiment data. Alcoa, JPMorgan and Google scheduled to report Q3 earnings this week. Implied volatility inched below the 35 level on light trading volumes.
Monday, October 10, 2011
Earnings and Europe in focus
The market closed lower, as credit-rating cuts for Italy and Spain offset a better-than-anticipated payrolls report. Employers added 103,000 workers in September after a revised 57,000 increase the month before, the unemployment rate remained at 9.1%. Fitch cut its credit ratings for Italy and Spain and Moody’s downgraded 12 U.K. banks. Tech stocks closed in the red, with Apple among the decliners. Also, Sprint Nextel fell 20% after the co. said it would need to raise more capital to expand a high-speed data network. This week investors will focus on earnings season start, retail sales and consumer sentiment data. Alcoa, JPMorgan and Google scheduled to report Q3 earnings this week. Implied volatility inched below the 35 level on light trading volumes.
