U.S. stocks rose, pushing the Standard & Poor’s 500 Index up 1.1 percent after it swung between gains and losses at least 13 times, as a rally in commodity markets boosted oil and metals producers and overshadowed losses in semiconductor companies.
Technology companies in the S&P 500 did worst among 10 industries, rising less than 0.1 percent after dropping 1.5 percent. As a group, they have lost 4.9 percent in the past three days. Semiconductor stocks in the index slumped as much as 2.8 percent earlier before losing 0.3 percent at the close of trading. Intel dropped 0.6 percent to $20.18, Nvidia decreased 2.8 percent to $11.18 and slipped 2.2 percent to $4.84. => Ngành này really phụ thuộc nhiều vào business cycle.
Bác Ben nói tương tự như bác Harvey của Duke dự đoán lâu rồi (employment market recovers as a plank - ván bật nhẹ từ từ lên, not a hockey - V recovery).
Federal Reserve Chairman Ben S. Bernanke said the U.S. recovery probably won’t quickly bring down the unemployment rate, which is likely to stay “high for a while.”
Stocks Turn Mostly Negative In Mid-Morning Trading
Stocks are mostly on the downside in mid-morning trading on Tuesday, as worries pertaining to the euro-zone and the U.S. labor market are largely outweighing a calming economic forecast by U.S. Federal Reserve Chairman Ben Bernanke.
In economic news, Fed Chief Bernanke said late on Monday that the U.S. recovery is likely to proceed at a moderate pace but is unlikely to bring down the unemployment rate quickly.
"My best guess is we'll have a continued recovery, but it won't feel terrific," he was quoted as saying in an interview with ABC News journalist Sam Donaldson at the Woodrow Wilson Center.
Asian Markets Advance Cautiously On Bargain Hunting
Most markets across Asia ended in positive territory with marginal gains Tuesday on bargain hunting at lower levels despite a weak closing on Wall Street in the previous session. Positive comments from Fed Chairman Ben Bernanke that the US economy is growing at a steady pace lifted market sentiment. Excluding the markets in India, Singapore and Taiwan, all the other markets in the region ended in positive territory with marginal gains.
Reflecting the nervous sentiment among banks in the aftermath of the sovereign debt crisis, euro zone banks deposited 350.9 billion euros in the European Central Bank’s overnight deposit facility rather than lending to each other at higher interest rates.
Meanwhile, in a bid to calm markets, the finance ministers of the European Union are discussing to approve arrangements to set up a special purpose vehicle to raise up to 440 billion euros to lend to nations having the euro as the common currency in case of emergency. Germany on its part approved budgetary cuts to bring about fiscal discipline domestically.
Gold hits record high