Stocks closed in the red yesterday as investors grew concerned about the health of the global economy. The Shanghai Composite dropped 2.7% after the National Bureau of Statistics showed a 5.2% drop in profits for China’s largest industrial groups during the first two months of this year. Also, the Commerce Department reported orders for long-lasting goods rose 2.2% in February, rebounding from a sharp drop in January, but lagging the 2.9% growth anticipated by analysts. Technology stocks slipped into the red, pressured by losses from Applied Materials, which fell 2.8% after the co. issued soft earning guidance. On the upside, Nvidia rose 2.3% after JMP Securities raised its rating on Nvidia to market perform from market underperform. In the evening trade Red Hat jumped 8.6% after the software maker’s financial results and forecasts outstripped projections, the co. also said its board approved the repurchase of up to $300 million of its common shares. Implied volatility inched higher on massive trading volumes.
