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Technology stock shares rallied this week in some encouraging corporate items that made major indices to gain strong earnings. The Standard & Poor 500's benchmark index was set at 0.9% increase for this year when its value rose 1.5%. 8 of the ten industries advanced. The tech sector spiked 4.4% due to many better-than-expected return reports and news of potential share repurchases and dividends. The defensive-oriented utility sector underperformed having a loss of 0.9%. Friday posted a very dynamic trading session as a consequence of quadruple witching when compared with regular activity on Thursday. In revenue news, Best Buy (BBY) identified support after it posted better-than-expected profit and increased its yield perspective. Stocks rose nearly 10% for the week. Both Oracle (ORCL) and Research Motion (RIMM) shares rose 9.7% and 5.9% correspondingly after reporting better-than-expected return and issueing strong guidance. But FedEx (FDX) missed gain estimates and issued downside guidance. Shares slumped 2.2%. Dow sections Hewlett-Packard (HPQ) and 3M (MMM) been active this week with other firms on the M&A front. Hewlett-Packard is scooping up ArcSight (ARST) for $43.50 per share. Independently, 3M proposed $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 expected to remain busy as firms are flush with cash. Corporations are also believed to increase their dividend payouts and stock repurchases. In the course of a business presentation, cash-rich Cisco (CSCO) hinted at likely issuing a dividend. Furthermore, the JPMorgan (JPM) is planning that dividend payout will be restored to 30-40% range. MasterCard (MA) announced the authorization of a $1 billion share repurchase plan. Texas Instruments (TXN) declared a share repurchase plan of $7.5 billion, comprising a quarter of its market cap. The Basel III international regulation for banks was released over the weekend. The latest rules provided plenty of time for an convenient implementation which gives financial stocks a lift though it has been predicted to be rigid but turned out to be quite lenient. The new capital requirements demand a slight increase of the necessary common equity to 4.5% from 2.%. And within 9 year time, stricter requirements will be steadily put in place. In trade and industry news, August retail sales rose 0.4% in August, which was better than expectations for a 0.3% raise. In commodity trading, gold hit a fresh all-time minor high of $1282.50 per ounce. In offshore news, as the strengthening yen threatens Japan's exporters, the country made a decision to get involved in the forex market to reduce the yen's strength. The yen dropped 1.9% on the week.
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