Market News Day – Best Buy (NYSE:BBY), Bank of America (NYSE:BAC), Cisco (NASDAQ:CSCO)

Despite disappointing sales data from Best Buy (NYSE:BBY), stocks have continued their upward movement today based on two positive signs for the American economy.  The news circulating on the wires is that US import-data is positive. This has encouraged investors, who believe that inflation rates will continue to be minimal and the economic recovery in the US is still on a positive path.  According to the Labor Department, US import prices were down 0.6% in the month of May.  These same import prices are up 8.6% over the last twelve months, which investors consider a good sign that inflation rates are at an acceptable level.

Further boosting stocks in the US is a strong outlook from overseas; both European stocks and the Euro are up today. Spain and Belgium have both recently sold government debt at a healthy demand rate, soothing concerns over the Euro’s value. Investor concerns on the European situation have bogged down stocks for the past couple months, but reassurances like those mentioned above have resulted in positive movement for US stocks.  At the time of writing, the Dow was up just over 100 points, and the S&P and NASDAQ markets were both up more than 1%.

Fund managers at Bank of America (NYSE:BAC) have expressed their confidence in the European situation, specifically in terms of trading the Euro.  As confidence in the Euro grows, investor enthusiasm for the US Dollar has tempered slightly.  BofA has indicated that this is a sign the appetite for risk is returning to the global market, which could further aide growth.

In technology news, the San Jose Business Journal is reporting that Cisco (NASDAQ:CSCO) has increased their sales in data center equipment by 16% in the first quarter of 2010.  The sales, approximately $1.16 billion annually, have been pulled up by Cisco’s switch to a new Nexus line.  Further, the company’s data center Ethernet switch revenue has increased by 23.5% for the first quarter, according to Infonetics Research.

That’s all for the day! Be sure to return tomorrow for another market update, loyal reader!

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