Bears Back, Bernanke’s Confirmation Vote, Tech Tanks
Thursday was not a good day for the stock market bulls. The bears hit in full force on negative forecasts from major tech names. Additional weakness was caused by international worries emanating from Greece and Britain. On the positive side, the Senate voted to remove barriers to Fed Chief Ben Bernanke’s reconfirmation for the next 4 years. The DJIA fell -115.70 to 10120.46, the Nasdaq dropped -42.21 to 2179.00 and the S&P 500 gave back -12.97 to 1084.53.
^CAH^: Advanced 5.11% or $1.60 to $32.91/share after increasing its full year forecast.
^GNTX^: The auto mirror maker climbed 7.62% or $1.33 to $18.78/share upon being upgraded to “outperform” by Robert W. Baird Ltd.
^MOT^: Fell 12.43% or 92 cents to $6.48/share after forecasting a loss in the first quarter.
^QCOM^: Dropped 14.24% or $6.72 to $40.48/share upon lowering its 2010 sales forecast citing lower demand.
Oil advanced 23 cents to $73.90, gold added $1.20 to $1085.00 and the VIX index eased higher by 2.55% to 23.73.
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