Stocks fell sharply as investors lowered their expectations for a key summit of European Union leaders later this week. Spain was in focus after the government officially requested EU loans to help bailout the nation's banks, borrowing costs have risen recently to record highs above 7%. Also, new home sales for May rose at a seasonally adjusted annual rate 369,000, above 350,000 expected. Tech followed the broad market retreat, pushing the Nasdaq down 2%. Research In Motion fell 7.5% after analysts at Morgan Stanley reportedly downgraded the stock. Big names in the tech sector also felt: Microsoft shed 2.7%, while Hewlett-Packard slid 4.1% and Intel gave up 3.3%, joining the worst performers on the Dow Jones Industrial. In the evening trade Apollo had climbed 10% after the company said its Q3 earnings were $1.20 a share, better than the $0.97 a share expected. Implied volatility inched higher on light trading volumes.
Tuesday, June 26, 2012
Fell shaply on Europe jitters
Stocks fell sharply as investors lowered their expectations for a key summit of European Union leaders later this week. Spain was in focus after the government officially requested EU loans to help bailout the nation's banks, borrowing costs have risen recently to record highs above 7%. Also, new home sales for May rose at a seasonally adjusted annual rate 369,000, above 350,000 expected. Tech followed the broad market retreat, pushing the Nasdaq down 2%. Research In Motion fell 7.5% after analysts at Morgan Stanley reportedly downgraded the stock. Big names in the tech sector also felt: Microsoft shed 2.7%, while Hewlett-Packard slid 4.1% and Intel gave up 3.3%, joining the worst performers on the Dow Jones Industrial. In the evening trade Apollo had climbed 10% after the company said its Q3 earnings were $1.20 a share, better than the $0.97 a share expected. Implied volatility inched higher on light trading volumes.
