Stocks dropped, with momentum stalling after the Fed minutes were released. Also, Spain’s five-year yields climbed to 4.45%, reviving concerns about global growth. On the upside, ADP payrolls were up by 209,000 in March after a revised 230,000 gain in February, illustrating ongoing strengthening in the labor market. Meanwhile, ISM’s services-sector index for March declined to 56% from 57.3% in February. Techs stocks ended sharply in the red, dragged down by a broad market selloff. SanDisk led the declines, sliding 11%, after the co. cut its first-quarter revenue forecast. Yahoo picked up about 0.6%, as investors digested the Internet company’s move to cut 2,000 jobs as part of a plan to save $375 million and focus on “a select group of core businesses.” Bed Bath & Beyond rallied 6% in after hours after reporting robust quarterly earnings. Sprint Nextel climbed 2.2% on announcement that the co. is expected to introduce a new HTC Corp. Evo smartphone that runs Google’s Android operating software at an event on Wednesday. Implied volatility surged above the15 level on massive trading volumes.
Thursday, April 5, 2012
Dropped further as Europe worries revisited
Stocks dropped, with momentum stalling after the Fed minutes were released. Also, Spain’s five-year yields climbed to 4.45%, reviving concerns about global growth. On the upside, ADP payrolls were up by 209,000 in March after a revised 230,000 gain in February, illustrating ongoing strengthening in the labor market. Meanwhile, ISM’s services-sector index for March declined to 56% from 57.3% in February. Techs stocks ended sharply in the red, dragged down by a broad market selloff. SanDisk led the declines, sliding 11%, after the co. cut its first-quarter revenue forecast. Yahoo picked up about 0.6%, as investors digested the Internet company’s move to cut 2,000 jobs as part of a plan to save $375 million and focus on “a select group of core businesses.” Bed Bath & Beyond rallied 6% in after hours after reporting robust quarterly earnings. Sprint Nextel climbed 2.2% on announcement that the co. is expected to introduce a new HTC Corp. Evo smartphone that runs Google’s Android operating software at an event on Wednesday. Implied volatility surged above the15 level on massive trading volumes.
