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The major indices posted rock solid gains this week as tech stock shares rallied on several encouraging corporate items. The Standard & Poor 500's benchmark index was set at 0.9% increase for the year when its value rose 1.5%. Eight of the 10 industries advanced. The tech sector spiked 4.4% due to many better-than-expected profit reports and news of possible share repurchases and dividends. While utility sector dropped 0.9%. Volume was light throughout Thursday, but spiked on Friday resulting from quadruple witching. In revenue news,Best Buy (BBY) stock shares was increase by 10% this week after placing an exceedingly favorable profit profit outlook at the end of the week. Oracle (ORCL) and Research In Motion (RIMM) also announced better-than-expected return and issued strong guidance. Oracle gained 9.7% and RIMM rose 5.9%. FedEx (FDX) however, slipped 2.2% value of its shares for missing target revenue. Corporations remain being active on the M&A front, with Dow components Hewlett-Packard (HPQ) and 3M (MMM) going shopping once again. Hewlett-Packard is scooping up ArcSight (ARST) for $43.50 per stock. Individually, 3M bought $10.50 per share for Cogent (COGT). Simultaneously, Dollar Thrifty (DTG) was being paid out $50 per stock by Hertz (HTZ). M&A activity is estimated to stay busy as firms are flush with cash. Companies are believed to increase their dividend payouts and stock repurchases. The very secure Cisco (CSCO) already expressed during a business presentation that they will be rewarding dividend . JPMorgan (JPM) said it plans to restore its dividend payout to range of 30-40%. MasterCard (MA) proclaimed the approval of a $1 billion share repurchase plan. Texas Instruments (TXN) proclaimed a share repurchase plan of $7.5 billion, which represents a quarter of its market limit. The Basel III international regulation for banks was released over the weekend. The new rules were not as strict as some had forecast and gave a sufficient amount of time frame to relieve the implementation, providing financial stocks a boost. The new capital requirements require a slight increase of the needed common equity to 4.5% from 2.%. And within 9 year time, stricter requirements will be gradually put in place. In financial news, August retail sales surpassed by 0.1% the predicted 0.3% when it increased to 0.4%. In commodity trading, gold hit a fresh all-time minor high of $1282.50 per ounce. In overseas news, as the strengthening yen threatens Japan's exporters, the country made a decision to get involved in the foreign exchange market to stop the yen's strength. The yen dropped 1.9% on the week.
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