Stocks bounced back, as concerns about Europe eased and hopes for a better-than-expected earnings season rose. The yield on the 10-year Spanish bond briefly topped 6% before retreating to 5.88%; Italian 10-year yields fell to 5.51% from 5.69%. Prior to the opening bell, the Bureau of Labor Statistics reported that U.S. import prices advanced 1.3% in March, while exports rose 0.8%. The Fed said in the April edition of its Beige Book economic activity continued to expand at a "modest to moderate pace" from mid-February through late March. Alcoa led gainers on the Dow, surging 6.22% after the co. reported a surprise first-quarter profit late Tuesday, lifting hopes for corporate earnings as the quarterly reporting period gets underway. Tech stocks closed with broad gains following the broader market rally. Apple shed 0.36% after U.S. Justice Department on Wednesday sued Apple and several book publishers for conspiring to fix the price of e-books. Yahoo slipped 0.77% after Chief Executive Scott Thompson announced a restructuring of the co. late Tuesday. Nokia fell 16% after the company lowered its first-quarter outlook. Google will report its quarterly results after the closing bell today. Implied volatility little changed on moderate trading volumes.
Thursday, April 12, 2012
Retreated as fears about Europe eased
Stocks bounced back, as concerns about Europe eased and hopes for a better-than-expected earnings season rose. The yield on the 10-year Spanish bond briefly topped 6% before retreating to 5.88%; Italian 10-year yields fell to 5.51% from 5.69%. Prior to the opening bell, the Bureau of Labor Statistics reported that U.S. import prices advanced 1.3% in March, while exports rose 0.8%. The Fed said in the April edition of its Beige Book economic activity continued to expand at a "modest to moderate pace" from mid-February through late March. Alcoa led gainers on the Dow, surging 6.22% after the co. reported a surprise first-quarter profit late Tuesday, lifting hopes for corporate earnings as the quarterly reporting period gets underway. Tech stocks closed with broad gains following the broader market rally. Apple shed 0.36% after U.S. Justice Department on Wednesday sued Apple and several book publishers for conspiring to fix the price of e-books. Yahoo slipped 0.77% after Chief Executive Scott Thompson announced a restructuring of the co. late Tuesday. Nokia fell 16% after the company lowered its first-quarter outlook. Google will report its quarterly results after the closing bell today. Implied volatility little changed on moderate trading volumes.
