Stocks posted strong gains, as France and Germany pledged to do everything necessary to support Europe’s banks. Tech stocks also closed in the green, with Micron and Apple led the gains. Apple added 5.1% after saying pre-orders for its new iPhone 4S exceeded 1 million units in the first 24 hours. Micron jumped 4.2% after Citigroup upgraded the chip company’s rating to buy from hold. Meanwhile Netflix turned down 4.8% after saying it’s canceling plans to offer DVDs by mail under a new company name. Third-quarter results season unofficially starts after the close today with figures from Alcoa. Implied volatility inched lower on moderate trading volumes.
Tuesday, October 11, 2011
Rallied on Europe bank pledge
Stocks posted strong gains, as France and Germany pledged to do everything necessary to support Europe’s banks. Tech stocks also closed in the green, with Micron and Apple led the gains. Apple added 5.1% after saying pre-orders for its new iPhone 4S exceeded 1 million units in the first 24 hours. Micron jumped 4.2% after Citigroup upgraded the chip company’s rating to buy from hold. Meanwhile Netflix turned down 4.8% after saying it’s canceling plans to offer DVDs by mail under a new company name. Third-quarter results season unofficially starts after the close today with figures from Alcoa. Implied volatility inched lower on moderate trading volumes.
