On Friday Wall Street reversed course late in the day, and the S&P prolonged its gains to day four, while the Nasdaq dropped after a weak revenue forecast was given to NetApp, which cast doubt on the outcome of tech spending.
Underscoring American companies’ vulnerability to events happening in the euro-zone, NetApp Inc., a data-storage company, forecasted on Wednesday that revenue would fall below predictions, alleging Europe’s uncertainty was the cause – its shares fell 12% to $28.82.
Hewlett-Packard rose 3.3% to $21.77.
Demand for long lasting goods manufactured in the United States rose less than predicted last month, while data from the U.S. government showed a modest drop in weekly jobless claims for the week ending May 19.
Despite a ricochet in gas prices, the transportation sector rose – this rise was directed by airline companies after JPMorgan increased its price aim on various airline carriers.
After closing on Wednesday, Knight Capital Group, an electronic trader, said it experienced a pre-tax loss of $5 million on the mishandled Nasdaq trading debut of Facebook – and is demanding that the exchange compensate it for the loss.
Around 56% of companies that were traded on the New York Stock Exchange ended higher than they started, while a few more Nasdaq-listed companies ended higher.
On Wall Street, volume was lightweight with around only 6.55 billion shares being traded on the New York Stock Exchange, Nasdaq, and the American Stock Exchange, which is far below 2011’s daily average of 7.84 billion.