Stocks rose in a thinly-traded session as investors focused on signs of strength in the economy. Jobless claims rose 15,000 to 381,000 in the latest week, while analysts had expected 368,000 claims. But the figure remained below 400,000, giving investors hope that the labor market will strengthen in 2012. Pending home sales rose 4% to a seasonally adjusted annual rate of 4.42 million in November, economist had expected the a 0.6% increase. Technology stocks held on to modest gains, even as Amazon lost a penny after analysts at Goldman Sachs suggested that the online retailer's sales growth for the holiday period may fall short of expectations. Yahoo gained 2.2% after reports that China's Alibaba Group has hired a lobbying firm to prepare a bid for Yahoo. Implied volatility inched lower in the lightest trading.
Friday, December 30, 2011
Posted gains after positive economic data
Stocks rose in a thinly-traded session as investors focused on signs of strength in the economy. Jobless claims rose 15,000 to 381,000 in the latest week, while analysts had expected 368,000 claims. But the figure remained below 400,000, giving investors hope that the labor market will strengthen in 2012. Pending home sales rose 4% to a seasonally adjusted annual rate of 4.42 million in November, economist had expected the a 0.6% increase. Technology stocks held on to modest gains, even as Amazon lost a penny after analysts at Goldman Sachs suggested that the online retailer's sales growth for the holiday period may fall short of expectations. Yahoo gained 2.2% after reports that China's Alibaba Group has hired a lobbying firm to prepare a bid for Yahoo. Implied volatility inched lower in the lightest trading.
