Day Traders Diary
7/27/11U.S. stocks open lower for a fourth straight day as political stalemate over the nation's debt limit continues. The Dow Jones Industrial Average declined 66 points to 12,435. The Standard & Poor's 500 Index shed 8 points to 1,323. The Nasdaq Composite Index fell 21 points to 2,818. Plenty of earnings keep flooding in. Unfortunately, most stocks are lower following earnings including Northrop Grumman, Dr Pepper Snapple, Delta Air, Allegheny Tech, Hess, Auto Nation, Moodys, General Dynamic, Aetna, WellPoint, and TC Pipeline. Tupperware is down 10% following earnings. Networking firm, Juniper Networks is down 20% following disappointing earnings. Corning is down 6% following earnings and JDA Software is lower by 5% after earnings. Amazon is the lone bright spot in the tech slash retail space, trading up 5% on strong earnings. A few other stocks are trading up following earnings. The list includes Las Vegas Sands, DreamWorks, Norfolk Southern, Boeing, Southern Company, Ryder, Wyndham Worldwide, and Conoco Phillips. Through the morning the averages pushed lower as all eyes are on Washington. The Dow fell over 130 points before recovering a little. Boeing is the only Dow component trading up over half a percent. The Nasdaq fell 50 points as even the stalwarts like Google and Apple are trading down a percent. Through the morning and into the afternoon the averages remain weak. The earnings guidance for the third quarter has not been very good. Through the afternoon the selling accelerated as no buyers are willing to step in without a debt ceiling agreement. In the last hour the Dow moved to new lows for the day. Frustrating market. The Dow Jones Industrial Average lost 198 points to 12,302. It was the worst drop for the average since June 1 and its fourth straight session of losses. The S&P 500 fell 27 points, or 2%, to 1,304. The Nasdaq Composite dropped 75 points, or 2.7%, to 2,764.
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