Stocks closed higher, as investors welcomed several signs of improving global economic growth. China's economy grew at an annual rate of 8.9% in the fourth quarter of 2011, better than many analysts expected. Also, German sentiment index topped expectations, and New York regional manufacturing growth, which was largely due to new orders and employment. Financials weighed on the overall market after Citigroup missed earnings and lost more than 8%. Tech stocks rallied, as Apple gained 1.2% and closed at a record high, while Research In Motion gained 8% on a report that it’s considering a sale to Samsung. Also Applied Materials jumped after an upgrade based on a upbeat view of the company’s 2012 prospects. Intel edged down 0.4% after J.P. Morgan downgraded the co. to neutral from overweight, arguing that margins are peaking. In the evening trade Yahoo gained more than 3% after the co. said its co-founder Jerry Yang is leaving. Implied volatility inched higher on massive trading volumes.
Wednesday, January 18, 2012
Closed higher on strong global economic data
Stocks closed higher, as investors welcomed several signs of improving global economic growth. China's economy grew at an annual rate of 8.9% in the fourth quarter of 2011, better than many analysts expected. Also, German sentiment index topped expectations, and New York regional manufacturing growth, which was largely due to new orders and employment. Financials weighed on the overall market after Citigroup missed earnings and lost more than 8%. Tech stocks rallied, as Apple gained 1.2% and closed at a record high, while Research In Motion gained 8% on a report that it’s considering a sale to Samsung. Also Applied Materials jumped after an upgrade based on a upbeat view of the company’s 2012 prospects. Intel edged down 0.4% after J.P. Morgan downgraded the co. to neutral from overweight, arguing that margins are peaking. In the evening trade Yahoo gained more than 3% after the co. said its co-founder Jerry Yang is leaving. Implied volatility inched higher on massive trading volumes.
