Stocks notched weekly gains that pushed the S&P 500 to its highest close since mid-2008 as economic reports mostly offset concern about rising oil costs. U.S. crude oil prices were at their highest levels since May 2008, climbing nearly 6% this week and hitting $109.77 a barrel. Consumer sentiment rose in February to 75.3 (the highest level in a year) on strong awareness of improving employment. New home sales totaled 321,000 in January on an annualized basis, compared to 324,000 in December, a good sign for a market that’s been in a deep slump since the 2007-2009 recession. Tech stocks closed higher with Salesforce surging 9% on upbeat earnings and the co.’s 57% billings growth. Apple closed up 1.2% after the co. has agreed to buy mobile software applications company Chomp for about $50 million. In the coming week 24 S&P 500 companies were expected to report quarterly results. U.S. economic reports, including reports on durable goods and manufacturing, Bernanke’s speech on energy prices and the broader economy and G-20 meeting in Mexico City Saturday will hold investors attention this week. Implied volatility inched lower on massive trading volumes.
Monday, February 27, 2012
U.S. economic data and G-20 meeting in focus
Stocks notched weekly gains that pushed the S&P 500 to its highest close since mid-2008 as economic reports mostly offset concern about rising oil costs. U.S. crude oil prices were at their highest levels since May 2008, climbing nearly 6% this week and hitting $109.77 a barrel. Consumer sentiment rose in February to 75.3 (the highest level in a year) on strong awareness of improving employment. New home sales totaled 321,000 in January on an annualized basis, compared to 324,000 in December, a good sign for a market that’s been in a deep slump since the 2007-2009 recession. Tech stocks closed higher with Salesforce surging 9% on upbeat earnings and the co.’s 57% billings growth. Apple closed up 1.2% after the co. has agreed to buy mobile software applications company Chomp for about $50 million. In the coming week 24 S&P 500 companies were expected to report quarterly results. U.S. economic reports, including reports on durable goods and manufacturing, Bernanke’s speech on energy prices and the broader economy and G-20 meeting in Mexico City Saturday will hold investors attention this week. Implied volatility inched lower on massive trading volumes.
