Stocks snared their biggest first-quarter gain in more than a decade, after a better-than-anticipated rise in consumer confidence and spending boosted views of the economy. Spending rose 0.8% in February as income climbed 0.2%. And, consumer sentiment in March climbed to its highest level in more than a year. Separately, a read on business activity in the Chicago area decelerated in March, but remained above 60% for a fifth consecutive month. Also, euro-area finance ministers agreed to raise their financial firewall to 700 billion euros in their latest effort to contain the region’s debt crisis. Tech stocks slid, weighed down by losses in Apple and Internet companies. Apple slipped 1.7% as the Fair Labor Association announced that the company’s manufacturing partner Foxconn had agreed to make significant changes to the way it operates factories in China. Research In Motion added 7% a day after the co. posted a loss and announced changes to its management team and board. In the evening trade Groupon fell 6.4% after the co. downwardly revised its fourth-quarter earnings and sales. Jobs data on Thursday and Friday and a run-up to the release of first-quarter earnings will be the focus of the coming week. Also, over the weekend, China is scheduled to release manufacturing data. Implied volatility inched lower on moderate trading volumes.
Monday, April 2, 2012
Jobs data in focus
Stocks snared their biggest first-quarter gain in more than a decade, after a better-than-anticipated rise in consumer confidence and spending boosted views of the economy. Spending rose 0.8% in February as income climbed 0.2%. And, consumer sentiment in March climbed to its highest level in more than a year. Separately, a read on business activity in the Chicago area decelerated in March, but remained above 60% for a fifth consecutive month. Also, euro-area finance ministers agreed to raise their financial firewall to 700 billion euros in their latest effort to contain the region’s debt crisis. Tech stocks slid, weighed down by losses in Apple and Internet companies. Apple slipped 1.7% as the Fair Labor Association announced that the company’s manufacturing partner Foxconn had agreed to make significant changes to the way it operates factories in China. Research In Motion added 7% a day after the co. posted a loss and announced changes to its management team and board. In the evening trade Groupon fell 6.4% after the co. downwardly revised its fourth-quarter earnings and sales. Jobs data on Thursday and Friday and a run-up to the release of first-quarter earnings will be the focus of the coming week. Also, over the weekend, China is scheduled to release manufacturing data. Implied volatility inched lower on moderate trading volumes.
