Stocks dropped after the Federal Reserve indicated it was unlikely it would offer more stimulus anytime soon. Also, a report on factory orders for February came in below expectations after the report said activity picked up by 1.3% compared to expectations of 1.4%; January orders dropped by 1%. On the upside, Ford sales rose 5%, GM sales surged 14.2% in March from year-earlier levels, and Chrysler said March was the best month for sales in four years. Tech sector closed mostly in the red following the broader market. Apple hit another record high, gaining 1.73% after Piper Jaffray issued a research note in which it raised its price target to $910 a share from $718, and estimated that the stock will reach $1,000 in 2014. Among other leading tech stocks, IBM rose 0.01% and NetApp added 0.93% after J.P. Morgan raised its price targets and lifted outlooks. Intel, Nvidia and Broadcom closed in the red after The Semiconductor Industry Association trade group released figures showing a drop in world-wide chip sales in February from a year ago. SanDisk dropped more than 5% Tuesday evening after the chip company cut its quarterly sales forecast. Today the ADP employment report for March could draw more than the usual attention as it comes two days ahead of Friday’s nonfarm-payrolls report. Implied volatility inched higher on modest trading volumes.
Wednesday, April 4, 2012
Dropped on the Fed’s comment
Stocks dropped after the Federal Reserve indicated it was unlikely it would offer more stimulus anytime soon. Also, a report on factory orders for February came in below expectations after the report said activity picked up by 1.3% compared to expectations of 1.4%; January orders dropped by 1%. On the upside, Ford sales rose 5%, GM sales surged 14.2% in March from year-earlier levels, and Chrysler said March was the best month for sales in four years. Tech sector closed mostly in the red following the broader market. Apple hit another record high, gaining 1.73% after Piper Jaffray issued a research note in which it raised its price target to $910 a share from $718, and estimated that the stock will reach $1,000 in 2014. Among other leading tech stocks, IBM rose 0.01% and NetApp added 0.93% after J.P. Morgan raised its price targets and lifted outlooks. Intel, Nvidia and Broadcom closed in the red after The Semiconductor Industry Association trade group released figures showing a drop in world-wide chip sales in February from a year ago. SanDisk dropped more than 5% Tuesday evening after the chip company cut its quarterly sales forecast. Today the ADP employment report for March could draw more than the usual attention as it comes two days ahead of Friday’s nonfarm-payrolls report. Implied volatility inched higher on modest trading volumes.
