Seeking Alpha

Stocks move higher in light trading, Dow back above 15K

  • Market recap: Stocks advanced in light trading, with the Dow climbing back above 15K, as a sharp drop in new home sales encouraged some to hope the Fed might not be too hasty in reducing its bond purchases.
  • News that Microsoft's Steve Ballmer will retire within a year boosted shares 7% and provided support to the tech sector.
  • Retailers were broadly lower as the trend of weak earnings from teen retailers continued today with Aeropostale (-20%).
  • The weak new home sales report sparked a bid for Treasurys, sending the benchmark 10-year yield down 7 bps to 2.82%.
Comments (1)
  • David Pinsen
    , contributor
    Comments (1075) | Send Message
     
    Big news from Microsoft yesterday. Worth noting that either of these two MSFT hedges would have cushioned Microsoft's drop last month and also let you capture yesterday's pop: http://seekingalpha.co...
    24 Aug 2013, 01:39 PM Reply Like
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