Stocks finished mostly lower, but a late surge in financials helped the S&P 500 preserve a fourth week of gains after the White House said it would expand a foreclosure-prevention program and hope grew for a Greek debt-deal. The market was dragged down by lower than projected GDP growth. Also, Fitch Ratings cut the credit ratings of Spain, Italy, Belgium, Cyprus and Slovenia, saying the five nations do not hold enough financial leverage amid the regional debt crisis. Tech stocks closed mostly in the green, following gains from KLA-Tencor, which rose more than 4%, after the co.’s results surpassed projections. Juniper tried to recover from losses after a weaker-than-expected quarterly forecast. This week starts with a summit of European Union leaders Monday and ends with a key report on the U.S. job market Friday. Investors will also sort through quarterly results from a slew of major companies as well as economic reports on manufacturing, consumer confidence and personal spending. Implied volatility inched higher on modest trading volumes.
Monday, January 30, 2012
Europe and the U.S. economic data in focus
Stocks finished mostly lower, but a late surge in financials helped the S&P 500 preserve a fourth week of gains after the White House said it would expand a foreclosure-prevention program and hope grew for a Greek debt-deal. The market was dragged down by lower than projected GDP growth. Also, Fitch Ratings cut the credit ratings of Spain, Italy, Belgium, Cyprus and Slovenia, saying the five nations do not hold enough financial leverage amid the regional debt crisis. Tech stocks closed mostly in the green, following gains from KLA-Tencor, which rose more than 4%, after the co.’s results surpassed projections. Juniper tried to recover from losses after a weaker-than-expected quarterly forecast. This week starts with a summit of European Union leaders Monday and ends with a key report on the U.S. job market Friday. Investors will also sort through quarterly results from a slew of major companies as well as economic reports on manufacturing, consumer confidence and personal spending. Implied volatility inched higher on modest trading volumes.
