Stocks finished higher, with the S&P 500 topping the 1,400 mark for the first time in nearly four years, as investors welcomed a batch of better-than-expected economic news. Weekly initial jobless claims fell to 351,000, compared to 365,000 the prior week and slightly less than the forecast of 355,000. Producer prices for February increased 0.4%, slightly less than the expected increase of 0.5%. The Empire Manufacturing survey for New York state rose to 20.2 in March, much higher than the reading of 15 expected. The Philly Fed’s Business Outlook Survey index climbed in March to its highest level since last April at 12.5. Tech stocks mostly closed with gains, while Apple fell back after flirting briefly with the $600 mark early in the session. Cisco Systems fell 1.41% after the co. said it would acquire NDS Group Ltd. for about $5 billion, including the taking on of debt. eBay gave up 2% after Credit Suisse cut its rating to neutral from outperform, citing the stock’s recent valuation levels. Advanced Micro Devices jumped more than 6% after Jefferies & Co. upgraded the stock to a buy rating. Implied volatility inched lower on massive trading volumes.
Friday, March 16, 2012
Finished higher despite weakness in Apple
Stocks finished higher, with the S&P 500 topping the 1,400 mark for the first time in nearly four years, as investors welcomed a batch of better-than-expected economic news. Weekly initial jobless claims fell to 351,000, compared to 365,000 the prior week and slightly less than the forecast of 355,000. Producer prices for February increased 0.4%, slightly less than the expected increase of 0.5%. The Empire Manufacturing survey for New York state rose to 20.2 in March, much higher than the reading of 15 expected. The Philly Fed’s Business Outlook Survey index climbed in March to its highest level since last April at 12.5. Tech stocks mostly closed with gains, while Apple fell back after flirting briefly with the $600 mark early in the session. Cisco Systems fell 1.41% after the co. said it would acquire NDS Group Ltd. for about $5 billion, including the taking on of debt. eBay gave up 2% after Credit Suisse cut its rating to neutral from outperform, citing the stock’s recent valuation levels. Advanced Micro Devices jumped more than 6% after Jefferies & Co. upgraded the stock to a buy rating. Implied volatility inched lower on massive trading volumes.
