Stocks ended mixed as declines in bank stocks vied with strength in the technology sector, investors punished banks that came up short in the test and rewarded those that passed. Early Wednesday, European finance ministers formally approved a second package of bailout loans for Greece worth €39.4 billion. Also, the U.S. current account deficit for the fourth quarter widened to $124.1 billion, while it was expected to stand at $113.8 billion. Tech stocks put in a mixed performance, with Apple, Micron Technology and Dell among the sector’s few advancers. Apple rose almost 4% after Morgan Stanley boosted its price target to $720 from $515, and Canaccord Genuity raised its target to $710 from $665. Micron added 1.1% after Bernstein Research raised its rating on the memory-chip maker to outperform from market perform. Dell rose 1.1%a day after the company said it would acquire privately held network-security technology company SonicWall Inc., in a deal reportedly worth $1.2 billion. Implied volatility surged on huge trading volumes.
Thursday, March 15, 2012
Put in mixed performance on weakness in banks
Stocks ended mixed as declines in bank stocks vied with strength in the technology sector, investors punished banks that came up short in the test and rewarded those that passed. Early Wednesday, European finance ministers formally approved a second package of bailout loans for Greece worth €39.4 billion. Also, the U.S. current account deficit for the fourth quarter widened to $124.1 billion, while it was expected to stand at $113.8 billion. Tech stocks put in a mixed performance, with Apple, Micron Technology and Dell among the sector’s few advancers. Apple rose almost 4% after Morgan Stanley boosted its price target to $720 from $515, and Canaccord Genuity raised its target to $710 from $665. Micron added 1.1% after Bernstein Research raised its rating on the memory-chip maker to outperform from market perform. Dell rose 1.1%a day after the company said it would acquire privately held network-security technology company SonicWall Inc., in a deal reportedly worth $1.2 billion. Implied volatility surged on huge trading volumes.
