Stock Market News for August 28, 2012 - Market News
28 8월 2012 - 6:06PM
Zacks
Markets struggled to find a
definite course in the absence of news yesterday and investors
struggled to decide on their course of action. Eventually, volumes
remained at the lowest level for the year. However, while the
blue-chip index and S&P 500 slipped marginally, Nasdaq managed
to finish in the green riding on Apple’s gains. A key legal
advantage for the iPhone maker led the share to a new high
yesterday. Investors also continued to maintain a cautious stance,
as they await Federal Reserve Chairman Ben Bernanke’s speech on
Friday.
The Dow Jones Industrial Average
(DJI) dropped 0.3% to close the day at 13,124.67. The Standard
& Poor 500 (S&P 500) slipped a meager 0.69 point or 0.05%
to finish yesterday’s trading session at 1,410.44. The tech-laden
Nasdaq Composite Index was the only gainer, edging up 0.1% to end
at 3,073.19. The fear-gauge CBOE Volatility Index (VIX) jumped 7.7%
to settle at 16.35. Consolidated volumes on the New York Stock
Exchange, American Stock Exchange and Nasdaq were roughly 4.46
billion shares, significantly lower than the year-to-date average
of 6.6 billion shares. A Bloomberg report noted that volumes were
at their lowest since 2008 after leaving out the days around
holidays. Declining stocks edged past the advancers on the NYSE; as
for 50% stocks that declined, 46% stocks closed higher.
The lack of major developments kept
investors away from the Street. Moreover, they are also waiting for
concrete action from the central banks of key economies including
the U.S. Europe and even China. Over the last couple of weeks,
possibilities of fresh economic stimulus have see-sawed in Europe
as well as in the U.S. Meanwhile there were indications that the
European Central Bank (ECB) will buy back Italian and Spanish
bonds. Recent reports have also suggested that the ECB is
considering a ‘yield band target’ for the bond purchase plan.
However, the plan has hit some roadblocks with the German central
bank, Bundesbank, opposing ECB’s idea to go ahead with bond
purchases.
Even developments regarding the
economic stimulus plan in U.S. have sent out mixed signals over the
past few days. While the minutes from the Federal Open Market
Committee’s (FOMC) meet suggested that “many members” were in favor
of additional measures, St. Louis Fed President James Bullard
created uncertainty about additional economic stimulus arriving
anytime soon saying the present economic situation does not warrant
the need for QE3.
Thus, investors have gone into a
shell and are waiting for the outcome of the Federal Reserve’s
annual meeting scheduled for the end of this week at Jackson Hole.
The central bank chairman’s speech at the annual convention is a
key one. Investors’ eyes are now fixed on this meet. Thus, they
have currently refrained from betting big bucks.
The only headline of any importance
came from tech-bellwether Apple Inc. (NASDAQ:AAPL). A nine member
jury of the U.S. District Court in San Jose, California, ruled in
favor of Apple in a patent-related case against its rival Samsung.
The court ruled that Samsung had infringed upon six of Apple’s
patents and ordered Samsung to pay $1.05 billion to Apple.
Additionally, all the counter claims by Samsung were rejected. This
marks a major advantage for Apple and it will help the iPhone maker
limit the growth of its rival as well as Google Inc.’s
(NASDAQ:GOOG) Android operating systems. While Apple’s shares
jumped 1.9% and had also touched an all time high of $680.87,
shares of Google dropped 1.4%.
Apple is the biggest component of
the Nasdaq and any movement in the stock has a significant impact
on Nasdaq’s direction. Thus, gains made by Apple lifted Nasdaq
higher. Even the technology sector finished in the green and the
Technology Select Sector SPDR (XLK) was up 0.1%. However, key
technology stocks including Hewlett-Packard Company (NYSE:HPQ),
Dell Inc. (NASDAQ:DELL), International Business Machines Corp.
(NYSE:IBM), Intel Corporation (NASDAQ:INTC), NVIDIA Corporation
(NASDAQ:NVDA) dropped 2.1%, 1.2%, 1.1%, 0.3% and 1.7%,
respectively.
APPLE INC (AAPL): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
GOOGLE INC-CL A (GOOG): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
INTEL CORP (INTC): Free Stock Analysis Report
NVIDIA CORP (NVDA): Free Stock Analysis Report
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