Stocks gained after stronger U.S. economic data, snapping a three-day losing streak, but finished off session highs after another warning about Europe’s sovereign-debt crisis. Initial jobless claims filed in the U.S. last week were the lowest since May 2008. Also, a gauge of mid-Atlantic manufacturing activity jumped for December versus the prior month. But gains faded away after IMF chief Christine Lagarde called the global economic outlook “quite gloomy” and urged international help in resolving Europe’s sovereign-debt crisis. Tech stocks closed mixed after set of corporate news. Lam Research gave up more than 8%, while Novellus rallied more than 16%, on report that Lam to acquire Novellus for $3.3 billion. Amazon gained 1.05% after the co. said it has sold more than 1 million of its Kindle e-book readers and tablets in each of the last three weeks. In the evening trade Research In Motion tumbled 7.1% after a weak quarterly forecast, while Adobe Systems advanced 4.3% following better-than-expected financial results. Implied volatility inched lower on moderate trading volumes.
Friday, December 16, 2011
Failed to hold gains
Stocks gained after stronger U.S. economic data, snapping a three-day losing streak, but finished off session highs after another warning about Europe’s sovereign-debt crisis. Initial jobless claims filed in the U.S. last week were the lowest since May 2008. Also, a gauge of mid-Atlantic manufacturing activity jumped for December versus the prior month. But gains faded away after IMF chief Christine Lagarde called the global economic outlook “quite gloomy” and urged international help in resolving Europe’s sovereign-debt crisis. Tech stocks closed mixed after set of corporate news. Lam Research gave up more than 8%, while Novellus rallied more than 16%, on report that Lam to acquire Novellus for $3.3 billion. Amazon gained 1.05% after the co. said it has sold more than 1 million of its Kindle e-book readers and tablets in each of the last three weeks. In the evening trade Research In Motion tumbled 7.1% after a weak quarterly forecast, while Adobe Systems advanced 4.3% following better-than-expected financial results. Implied volatility inched lower on moderate trading volumes.
