The broader market ended lower after the latest report on new home sales damped enthusiasm about the economy. Existing home sales for February fell 0.9% from an upwardly revised 4.63 million in January and was roughly in line with economists’ expectations. Also, gas prices rose 17% this year, according to motorist group AAA. Technology stocks put in a generally upbeat market session, with a big reorganization at Hewlett-Packard Hewlett-Packard in the spotlight. H-P gave up 2.17% after the co. said it would combine its imaging and printing group with its personal-computer business to create what H-P will now call its printing and personal systems group. Oracle lost 2.29% after third-quarter earnings report. Micron Technology added 1.98% following reports that it has offered $1.5 billion to acquire bankrupt Japanese DRAM developer Elpida Memory. Implied volatility inched lower on moderate trading volumes.
Thursday, March 22, 2012
Closed slightly lower after new home sales data
The broader market ended lower after the latest report on new home sales damped enthusiasm about the economy. Existing home sales for February fell 0.9% from an upwardly revised 4.63 million in January and was roughly in line with economists’ expectations. Also, gas prices rose 17% this year, according to motorist group AAA. Technology stocks put in a generally upbeat market session, with a big reorganization at Hewlett-Packard Hewlett-Packard in the spotlight. H-P gave up 2.17% after the co. said it would combine its imaging and printing group with its personal-computer business to create what H-P will now call its printing and personal systems group. Oracle lost 2.29% after third-quarter earnings report. Micron Technology added 1.98% following reports that it has offered $1.5 billion to acquire bankrupt Japanese DRAM developer Elpida Memory. Implied volatility inched lower on moderate trading volumes.
