Stocks fell sharply on a euro-zone proposal to tax Cypriot bank deposits in order to cut the cost of a rescue. Also, investors have been looking for a reason to selloff for the last 3% as the S&P 500 up 8.8% so far this year. The euro slumped against the dollar as investors also bought U.S. Treasurys, pushing down the yield of the benchmark 10-year note 10_YEAR 0.00% to 1.962%. Also, the National Association of Home Builders/Wells Fargo index of builder confidence unexpectedly fell by 2 points to 44 in March, for the second straight month. Tech stocks followed the broader market, with Apple, Hewlett-Packard and Advanced Micro Devices each posting solid gains. H-P rose 2.9% after Morgan Stanley upgraded the stock to overweight, or buy, citing the co.’s free cash flow potential. Apple rose 2.7% on renewed speculation that it might raise its quarterly dividend. AMD jumped 1.9% after Macquarie Capital raised the stock’s rating to outperform, citing the company’s potential in videogame business. In the evening trade Electronic Arts climbed after the co. said its chief executive is stepping down.
Tuesday, March 19, 2013
Fell sharply on worries over Cyprus
Stocks fell sharply on a euro-zone proposal to tax Cypriot bank deposits in order to cut the cost of a rescue. Also, investors have been looking for a reason to selloff for the last 3% as the S&P 500 up 8.8% so far this year. The euro slumped against the dollar as investors also bought U.S. Treasurys, pushing down the yield of the benchmark 10-year note 10_YEAR 0.00% to 1.962%. Also, the National Association of Home Builders/Wells Fargo index of builder confidence unexpectedly fell by 2 points to 44 in March, for the second straight month. Tech stocks followed the broader market, with Apple, Hewlett-Packard and Advanced Micro Devices each posting solid gains. H-P rose 2.9% after Morgan Stanley upgraded the stock to overweight, or buy, citing the co.’s free cash flow potential. Apple rose 2.7% on renewed speculation that it might raise its quarterly dividend. AMD jumped 1.9% after Macquarie Capital raised the stock’s rating to outperform, citing the company’s potential in videogame business. In the evening trade Electronic Arts climbed after the co. said its chief executive is stepping down.
