Day Traders Diary
6/7/11U.S. stocks start higher for once, rebounding after an extended losing streak, with investors waiting to hear from Federal Reserve Chairman Ben Bernanke in the afternoon. The Fed chairman is expected to talk about monetary policy ahead as the central bank winds down its quantitative easing policy. The Dow Jones Industrial Average rose 55 points to 12,145. The Standard & Poor's 500 Index climbed 6 points to 1,292. The Nasdaq Composite Index advanced 9 points to 2,712. Everything is bouncing this morning, but we'll see how long it lasts. The financials are higher, but that's not saying much. KeyCorp is up 2% on an upgrade. Apple was upgraded following yesterdays' cloud presentation. The stock initially rallied, but then sold off. The rest of the techs don't look so good. Google rallied then sold off as well. Micron is lower on a downgrade. The other chips are modestly higher. Xilinx and Sandisk are higher thanks to upgrades. Intel looks good for some reason up over 2%. Symantec is higher on an upgrade. The commodities are rebounding, but don't look spectacular. Halliburton is higher on an upgrade. One commodity lower is Cliffs Natural Resources after announcing they will issue 9 million shares to raise money to expand business and pare down debt. The stock is down a percent. Through the morning the averages slowly improved ahead of Bernanke's afternoon speech. In the retail space, Tiffany's is up over 2% on M&A speculation. Talbots is dropping 32% following earnings and a disappointing outlook. Temple Inland is jumping 40% on a hostile takeover offer from International Paper. In the afternoon the averages continued to rise with the Dow jumping 80 points. However, the rally didn't last. In the last hour the averages pulled back particularly after Fed Chairman Bernanke began to speak. Two former blue chips Bank of America and Cisco made new 52 week lows. The Dow Jones Industrial Average finished down 19 points at 12,070. The S&P 500 gave up broad gains to end down a point to 1,284. The Nasdaq Composite fell a point to 2,701.
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