Stocks closed mixed, with blue-chips gaining and tech shares falling, as investors weighed an upbeat report on retail sales, corporate earnings and renewed worries about Europe. Retail sales rose 0.8% in March, ahead of analyst expectations of 0.3%. U.S. business inventories rose 0.6% in February, following a 0.7% increase the month before. An index of manufacturing activity in New York State fell in April to 6.6 from 20.2 in March. Meanwhile, investors remain nervous about Spain, where bond yields rose above 6% earlier Monday - the highest level in several months. Citigroup rose 1.77% after the bank reported a slight decline in first-quarter earnings, although results beat analysts' expectations after factoring in certain accounting adjustments. Tech stocks were mostly in the red dragged down by declines in Apple and Google, which slid4.15% and 2.97% respectively. On the upside, Intel moved up 1% after Caris & Co. raised its first-quarter estimates for the chip maker, citing signs of strengthening demand for personal computers. Seagate and Western Digital also posted gains, rising 4.11% and 1.41% respectively. Implied volatility surged above the 20 level on massive trading volumes.
Tuesday, April 17, 2012
In correction mode
Stocks closed mixed, with blue-chips gaining and tech shares falling, as investors weighed an upbeat report on retail sales, corporate earnings and renewed worries about Europe. Retail sales rose 0.8% in March, ahead of analyst expectations of 0.3%. U.S. business inventories rose 0.6% in February, following a 0.7% increase the month before. An index of manufacturing activity in New York State fell in April to 6.6 from 20.2 in March. Meanwhile, investors remain nervous about Spain, where bond yields rose above 6% earlier Monday - the highest level in several months. Citigroup rose 1.77% after the bank reported a slight decline in first-quarter earnings, although results beat analysts' expectations after factoring in certain accounting adjustments. Tech stocks were mostly in the red dragged down by declines in Apple and Google, which slid4.15% and 2.97% respectively. On the upside, Intel moved up 1% after Caris & Co. raised its first-quarter estimates for the chip maker, citing signs of strengthening demand for personal computers. Seagate and Western Digital also posted gains, rising 4.11% and 1.41% respectively. Implied volatility surged above the 20 level on massive trading volumes.
