Stock Market News for April 5, 2011 - Market News
05 4월 2011 - 6:06PM
Zacks
On Monday, Dow moved up to its highest point since June 5, 2008 and
the markets ended with negligible gains, continuing the trend of
tight volumes. Oil prices sky-rocketed to post a 30-month high and
tech stocks weighed heavy on the broader markets.
The Dow Jones Industrial Average (DJIA) gained
0.2% to end at 12,400.03, recording its highest close since June 5,
2008. The Standard & Poor 500 (S&P 500) gained 0.1% while
the Nasdaq lost 0.1% to close at 1,332.87 and 2,789.19,
respectively. The fear gauge, CBOE Volatility Index (VIX) rose
above 17 and composite volumes on the New York Stock Exchange
remained tight at a mere 3.2 billion shares. On the NYSE, advancers
outpaced decliners by a ratio of 8:7.
The lack of major news events was not the only
reason for a lackluster day of trading with tight volumes as
investors prefer to wear a cautious hat ahead of the earnings
season. The trend of low volumes has now continued for over a week.
While market volatility arising out of concerns over global issues
was considered to be a major reason for this phenomenon earlier,
the upcoming earnings season now stands to blame. The earnings season, officially slated to
kick-start next week, will play a bigger role in determining market
movement after several signs of an improving economy. As
global issues such as Middle East unrest, Japan nuclear crisis and
worries over euro-debt created major concerns, the markets still
managed a steady recovery with indices crossing psychological marks
and hitting new highs.
On the international front, it is likely that the
European Central Bank will raise rates by 25 basis points when it
meets for its policy meeting this Thursday. This move is a
consequence of the inflationary pressures in the zone and the hike
will pull up rates from record low levels. The key policy rate will
still dwell below an inflation reading which had surged to hit a
29-month high of 2.6% in February. With the implementation of the monetary
policy, reserves with banks will rise and purchasing power will
automatically decline, which in turn is expected to lessen
inflationary woes. The euro-zone debt crisis had jolted the US
markets late-last year and what happens in the euro-zone has
affects the indices to a certain extent.
Ensuing violence in Libya kept investors on the
edge and crude-prices jumped up, for the second-consecutive trading
day, to a 30-month high. Crude prices for May delivery, on the New
York Mercantile Exchange gained 53 cents to settle at $108.47 per
barrel, its highest close since September 2008.
The tech sector weighed heavy on indices and
prevented the markets from posting a better finish. Technology
analyst firm Gartner reported a 143% rise in global spending on
semiconductor capital equipment in 2010. Nonetheless, the firm
stated possibilities of sales figures being affected by the natural
disaster in Japan. Klaus Rinnen, analyst at Gartner said: “Clearly,
there are some materials supply challenges ahead of the industry in
the aftermath of the tragic events in Japan.” “The industry still
faces challenges in the coming months,” he added. Meanwhile, the
Semiconductor Industry Association said sales in the chip industry
declined to $25.2 billion in February from $25.5 billion in
January, this year. Tech indexes moved lower as the Philadelphia
Semiconductor Index shed 0.9% and the tech-laden Nasdaq Composite
Index also felt the pinch. Stocks of Intel Corporation
(NASDAQ:INTC), NVIDIA Corporation (NASDAQ:NVDA), Apple Inc.
(NASDAQ:AAPL), Advanced Micro Devices, Inc. (NYSE:AMD), Dell Inc.
(NASDAQ:DELL), and Hewlett-Packard Company (NYSE:HPQ) shed 1.2%,
3.6%, 1.0%, 3.1%, 0.6% and 1.6%, respectively.
However, after the closing bell, some shares in
the tech sector moved up after Texas Instruments Inc. (NYSE:TXN)
agreed to buy National Semiconductor Corporation (NYSE:NSM). Texas
Instruments agreed to acquire National Semiconductor for $25 per
share in a cash deal worth $6.5 billion. Share prices of Texas
Instruments slid 1.6% after the closing bell but prices of National
Semiconductor sky-rocketed 72.7%. Share prices of rival chipmakers
guided up, including ON Semiconductor Corp. (NASDAQ:ONNN), Maxim
Integrated Products Inc. (NASDAQ:MXIM), Linear Technology Corp.
(NASDAQ:LLTC), Analog Devices Inc. (NYSE:ADI), Atmel Corporation
(NASDAQ:ATML) and Intersil Corporation (NASDAQ:ISIL) and they
gained 5.5%, 5.1%, 2.8%, 4.4%, 3.0% and 8.1%, respectively. These
gains came in after the bell and all of these shares traded in the
red till the end of the trading hours.
Among stocks in focus for the day, the gainers
included Mosaic Co., Molycorp, Inc., Sprint Nextel Corp. and Ford
Motor Co. and they gained 2.6%, 12.1%, 1.3% and 2.6%,
respectively.
APPLE INC (AAPL): Free Stock Analysis Report
ANALOG DEVICES (ADI): Free Stock Analysis Report
ADV MICRO DEV (AMD): Free Stock Analysis Report
ATMEL CORP (ATML): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
INTEL CORP (INTC): Free Stock Analysis Report
INTERSIL CORP (ISIL): Free Stock Analysis Report
LINEAR TEC CORP (LLTC): Free Stock Analysis Report
MAXIM INTG PDTS (MXIM): Free Stock Analysis Report
NATL SEMICON (NSM): Free Stock Analysis Report
NVIDIA CORP (NVDA): Free Stock Analysis Report
ON SEMICON CORP (ONNN): Free Stock Analysis Report
TEXAS INSTRS (TXN): Free Stock Analysis Report
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