Stocks rallied after better-than-expected results from Hewlett-Packard and an upbeat report on German business confidence, which rose to its highest reading since April. H-P rose 12.3% a day after upbeat earnings, although analysts pointed to longer-term challenges for the technology powerhouse. Tech sector also got a lift from Texas Instruments, which jumped 5.2% after the co. announced that it has hiked its quarterly dividend by 33%. On the downside, BlackBerry slid 5.0% after MKM Partners downgraded the stock to a sell from neutral on challenges posed by BlackBerry 10 operating system. The looming forced budget cuts that could kick in on March 1will likely be topmost on investors' minds this week. Also, Bernanke’s semiannual testimony to Congress on Tuesday and Wednesday will probably move the market. The economic health of Americans will also be in focus, with consumer confidence, auto sales and Michigan sentiment due out throughout the week. Data on the housing market is also expected, with the Case-Shiller 20 city index, new home sales and construction spending on tap.Monday, February 25, 2013
Budget cuts and Bernanke's testimony to move the market
Stocks rallied after better-than-expected results from Hewlett-Packard and an upbeat report on German business confidence, which rose to its highest reading since April. H-P rose 12.3% a day after upbeat earnings, although analysts pointed to longer-term challenges for the technology powerhouse. Tech sector also got a lift from Texas Instruments, which jumped 5.2% after the co. announced that it has hiked its quarterly dividend by 33%. On the downside, BlackBerry slid 5.0% after MKM Partners downgraded the stock to a sell from neutral on challenges posed by BlackBerry 10 operating system. The looming forced budget cuts that could kick in on March 1will likely be topmost on investors' minds this week. Also, Bernanke’s semiannual testimony to Congress on Tuesday and Wednesday will probably move the market. The economic health of Americans will also be in focus, with consumer confidence, auto sales and Michigan sentiment due out throughout the week. Data on the housing market is also expected, with the Case-Shiller 20 city index, new home sales and construction spending on tap.
