Stocks closed at multi-year highs, as consumer confidence hit a 12-month high and oil prices fell. Consumer confidence index climbed to 70.8 from 61.5 in January, above 63.5 expected. However, the optimism was hit by a 4% plunge in durable goods orders, the biggest drop in three years. Tech stocks got a boost from gains in Apple which rose 1.8% after the co. announced a March 7 event for what is expected to be the next iPad unveiling. The sector also got a lift by strong trades on Micron Technology and Priceline.com. Micron rose nearly 4% after the company said it has agreed to expand a Flash memory joint venture with Intel, which saw its own shares rise about 1.3% by the close. Nokia closed down 1.3% after Oppenheimer downgraded to an underperform, or sell. After the close DreamWorks Animation and First Solar slumped 8.8% and 5.4% respectively after quarterly earnings were shy of projections. Implied volatility inched higher on moderate trading volumes.
Wednesday, February 29, 2012
Surged on strong consumer confidence
Stocks closed at multi-year highs, as consumer confidence hit a 12-month high and oil prices fell. Consumer confidence index climbed to 70.8 from 61.5 in January, above 63.5 expected. However, the optimism was hit by a 4% plunge in durable goods orders, the biggest drop in three years. Tech stocks got a boost from gains in Apple which rose 1.8% after the co. announced a March 7 event for what is expected to be the next iPad unveiling. The sector also got a lift by strong trades on Micron Technology and Priceline.com. Micron rose nearly 4% after the company said it has agreed to expand a Flash memory joint venture with Intel, which saw its own shares rise about 1.3% by the close. Nokia closed down 1.3% after Oppenheimer downgraded to an underperform, or sell. After the close DreamWorks Animation and First Solar slumped 8.8% and 5.4% respectively after quarterly earnings were shy of projections. Implied volatility inched higher on moderate trading volumes.
