Stocks finish higher but lost momentum into the close $NAS100.I
- Published: 07 August 2012
- Stocks managed to finish higher overnight but fell away into the close on lighter volume. Despite the falls near the close, markets still managed to end the session at three month highs after better earnings reports and the belief that the ECB will step in and provide more support
- The S&P500 ended the session at its best level since May 2nd with materials and technology stocks leading the sector gains, utilities were weaker
- Best Buy rallied 13.32% after founder Richard Schulze offered to acquire the electronics retailer for as much at USD8.8 Billion
- Cognizant Technologies rallied 10.97% after the IT Services provider boosted its full year adjusted outlook higher
- Troubled market maker Knight Capital fell 24.20% after the company announced a $400M syndicated facility to keep the company solvent
- Leading the Dow was BAC, HPQ and CSCO each up 2.83%, 2.35% & 2.08%
- DOW +0.16%, S&P500 +0.23% and NASDAQ +0.74%
- The US Dollar Index was slightly down while the AUD traded above 1.0500
- Gold remains steady on ECB anticipation and Crude was down slightly
