Stocks mostly fell as concerns about slowing growth in China overshadowed an upbeat report on the U.S. housing market. China announced plans to allow gas prices to rise in an effort to compensate for higher oil prices. Also, an executive from mining company BHP Billiton said that China’s demand for iron ore is flattening out, raising fears about the nation's property market. U.S. building permits climbing 5.1% in February to an annual rate of 717,000, while housing starts dipped 1.1% to 698,000. Tech stocks recovered from losses, with Apple adding 0.81% and getting back above $600, while Adobe Systems remained in the red. Amazon.com rose 3.67% after an announcement that the co. would acquire robot maker Kiva Systems for $775 million in cash. Adobe gave up 3.91% following reported 21% drop in earnings from a year ago. After the market closed, Oracle reported upbeat earnings and gained 1.8%. Implied volatility dropped below the 15 level on modest trading volumes.
Wednesday, March 21, 2012
Concerns about China overshadowed upbeat housing data
Stocks mostly fell as concerns about slowing growth in China overshadowed an upbeat report on the U.S. housing market. China announced plans to allow gas prices to rise in an effort to compensate for higher oil prices. Also, an executive from mining company BHP Billiton said that China’s demand for iron ore is flattening out, raising fears about the nation's property market. U.S. building permits climbing 5.1% in February to an annual rate of 717,000, while housing starts dipped 1.1% to 698,000. Tech stocks recovered from losses, with Apple adding 0.81% and getting back above $600, while Adobe Systems remained in the red. Amazon.com rose 3.67% after an announcement that the co. would acquire robot maker Kiva Systems for $775 million in cash. Adobe gave up 3.91% following reported 21% drop in earnings from a year ago. After the market closed, Oracle reported upbeat earnings and gained 1.8%. Implied volatility dropped below the 15 level on modest trading volumes.
