Stocks ended mixed, trimming gains from earlier in the day, as comments from Ben Bernanke tempered hopes for immediate stimulus by the Federal Reserve. Stocks opened sharply higher after China's central bank cut its range of lending and deposit rates by a quarter percentage point in an effort to address the slowdown in the nation's manufacturing sector. Meanwhile, the Spanish government held a successful bond auction Thursday, two days after its Treasury minister warned the country was at risk of being shut out of financial markets. But in a sign of the nation's ongoing banking and economic problems, ratings agency Fitch downgraded Spain's credit rating to "BBB" from "A." Also, jobless claims totaled 377,000 in the week ended June 2, 2,000 more than the consensus forecast, but 12,000 below the prior week. Tech stocks lost steam with the broader market. Apple and International Business Machines managed to eke out small gains, but the majority of tech stocks closed with losses. In the evening trade Altera gained 1.6% after the co. said during late trading that it still expects revenue growth in the second quarter to rise 14% to 18% from the first quarter. Implied volatility inched lower on moderate trading volumes.
Friday, June 8, 2012
Сomments from Bernanke tempered investors' hopes
Stocks ended mixed, trimming gains from earlier in the day, as comments from Ben Bernanke tempered hopes for immediate stimulus by the Federal Reserve. Stocks opened sharply higher after China's central bank cut its range of lending and deposit rates by a quarter percentage point in an effort to address the slowdown in the nation's manufacturing sector. Meanwhile, the Spanish government held a successful bond auction Thursday, two days after its Treasury minister warned the country was at risk of being shut out of financial markets. But in a sign of the nation's ongoing banking and economic problems, ratings agency Fitch downgraded Spain's credit rating to "BBB" from "A." Also, jobless claims totaled 377,000 in the week ended June 2, 2,000 more than the consensus forecast, but 12,000 below the prior week. Tech stocks lost steam with the broader market. Apple and International Business Machines managed to eke out small gains, but the majority of tech stocks closed with losses. In the evening trade Altera gained 1.6% after the co. said during late trading that it still expects revenue growth in the second quarter to rise 14% to 18% from the first quarter. Implied volatility inched lower on moderate trading volumes.
