Friday, October 28, 2011

Rallied on European deal

Stocks surged after European Union leaders agreed to expand Europe's bailout fund and take major losses on Greek bonds. Banks were leading the way in U.S. trading. Also, third-quarter GDP increased at an annual rate of 2.5%, in line with expectations. Jobless claims eased by 2,000 to 402,000 last week, also in line with expectations. Tech sector joined in a broad rally sparked by news of a European deal. Akamai Technologies soared more than 15% after the co.’s better-than-expected results. Citrix also jumped more than 17% after higher profit and an outlook that beat expectations. Symantec slumped more than 4% after inline-results and JMP Securities comment. After the close AMD popped 4.9% higher, following stronger-than-expected earnings report. Implied volatility inched lower on moderate trading volumes.
NEAREST RESISTANCE LEVELS: 57.45, 57.6, 58.2, 58.7, 58.85, 59.1, 59.3
NEAREST SUPPORT LEVELS: 58.65, 57.1, 56.6, 55.8, 53.0, 50.0