Stocks closed mixed after the Federal Reserve extended Operation Twist programs but stopped short of announcing a more aggressive bond buying policy. Also, the Fed cut its economic growth forecasts to a range of 1.9% to 2.4% from 2.4%-2.9% in April and raised its forecast for the unemployment rate. Tech stocks managed to put in a mostly upbeat performance, with Microsoft taking the stage for the second time this week, this time to show off features of its coming Windows Phone 8 release. Applied Materials rose more than 3% after the co. named Gary Dickerson as its new president. Adobe Systems gave up 2.7% a day after the co. reported second-quarter results that exceeded the estimates, but gave a disappointing third-quarter forecast. Declines also came from Apple, Netflix, IBM and Google. Implied volatility inched lower on modest trading volumes.
Thursday, June 21, 2012
Mixed finish after Fed cuts growth outlook
Stocks closed mixed after the Federal Reserve extended Operation Twist programs but stopped short of announcing a more aggressive bond buying policy. Also, the Fed cut its economic growth forecasts to a range of 1.9% to 2.4% from 2.4%-2.9% in April and raised its forecast for the unemployment rate. Tech stocks managed to put in a mostly upbeat performance, with Microsoft taking the stage for the second time this week, this time to show off features of its coming Windows Phone 8 release. Applied Materials rose more than 3% after the co. named Gary Dickerson as its new president. Adobe Systems gave up 2.7% a day after the co. reported second-quarter results that exceeded the estimates, but gave a disappointing third-quarter forecast. Declines also came from Apple, Netflix, IBM and Google. Implied volatility inched lower on modest trading volumes.
