Day Traders Diary
U.S. stocks wavered at the start with investors focused on the overseas markets concerning the Chinese hiking interest rates again and Moody's downgrade of Portugal's debt late Tuesday. The Dow Jones Industrial Average rose 5 points to 12,575. The Standard & Poor's 500 Index fell 2 points to 1,335. The Nasdaq Composite Index fell 2 points to 2,823. Plenty of upgrades this morning. In the tech sector Apple, Google, Ebay, Baidu.com, and Corning were all upgraded. Google is up 12% in the last three weeks. Not bad. In the financial sector Western Union, Travelers, and Citigroup were upgraded. The big cap banks are getting hit. Citigroup, Bank of America, Wells Fargo, and JP Morgan are all down over 1.5% on rumblings about the robo-signing. State Street is modestly higher after signing a three year contract with Calpers for their custody work. The commodity sector is getting hit. Apache had good news about their wells, but the stock is lower. Halliburton is up a percent on an upgrade. After the first hour the averages were going nowhere following a weaker than expected manufacturing number. In the auto sector GM is up 2% thanks to an upgrade at Morgan Stanley this morning. Toyota is also higher, but Ford is not reacting much. Through the morning into the lunch hour, the averages improved moving into the green with the Dow jumping 70 points. The Nasdaq inched up 6 points. Through the afternoon the averages pulled back from the highs and then moved sideways. A selection number of techs and Dow Industrial components are outperforming. In the last hour the averages held their gains. The Dow Jones Industrial Average closed up 56 points at 12,626, led by shares of Caterpillar and DuPont. The S&P 500 Index increased by a point to close at 1,339. The Nasdaq Composite Index rose 8 points to close at 2,834.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.