Stocks closed in the red as investors grew concerned about the health of the global economy. The Shanghai Composite dropped 2.7% after the National Bureau of Statistics showed a 5.2% drop in profits for China’s largest industrial groups during the first two months of this year. Also, the Commerce Department reported orders for long-lasting goods rose 2.2% in February, rebounding from a sharp drop in January, but lagging the 2.9% growth anticipated by analysts. Technology stocks slipped into the red, pressured by losses from Applied Materials, which fell 2.8% after the co. issued soft earnings guidance. On the upside, Nvidia rose 2.3% after JMP Securities raised its rating on Nvidia to market perform from market underperform. In the evening trade Red Hat jumped 8.6% after the software maker’s financial results and forecasts outstripped projections, the co. also said its board approved the repurchase of up to $300 million of its common shares. Implied volatility inched higher on massive trading volumes.
Thursday, March 29, 2012
Slid on concernes over the global economy
Stocks closed in the red as investors grew concerned about the health of the global economy. The Shanghai Composite dropped 2.7% after the National Bureau of Statistics showed a 5.2% drop in profits for China’s largest industrial groups during the first two months of this year. Also, the Commerce Department reported orders for long-lasting goods rose 2.2% in February, rebounding from a sharp drop in January, but lagging the 2.9% growth anticipated by analysts. Technology stocks slipped into the red, pressured by losses from Applied Materials, which fell 2.8% after the co. issued soft earnings guidance. On the upside, Nvidia rose 2.3% after JMP Securities raised its rating on Nvidia to market perform from market underperform. In the evening trade Red Hat jumped 8.6% after the software maker’s financial results and forecasts outstripped projections, the co. also said its board approved the repurchase of up to $300 million of its common shares. Implied volatility inched higher on massive trading volumes.
