Monday, November 14, 2011

All eyes on Italy and euro-area economic data

Stocks closed higher, after a gauge of consumer confidence exceeded expectations and political moves in Europe assuaged investor concerns. Blue-chip advancers were led by Walt Disney Co., which rallied 6% a day after the co. reported a fourth-quarter profit that exceeded expectations. Tech sector also joined a broad market rally. Intel and Hewlett-Packard were among the biggest gainers, as each rose by more than 3%. After slipping earlier in the session, Nvidia also traded up 3.5%. This week investors will keep their focus on developments in the euro zone, with Italy poised to unveil an interim government, euro-area GDP and inflation data on tap, earnings from tech bellwether Dell and U.S. retail sales and inflation figures may. Implied volatility inched lower on moderate trading volumes.
NEAREST RESISTANCE LEVELS:56.9, 57.0, 57.8, 58.0, 59.1, 59.3
NEAREST SUPPORT LEVELS: 57.7, 56.6, 56.3, 55.8, 53.0, 50.0