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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Day Traders Diary

02/03/2012


U.S. stocks leapt on Friday as Wall Street embraced employment rising more than expected last month and the jobless rate dropping to a three-year low. The Dow Jones Industrial Average advanced 106 points to 12,811. The S&P 500 Index rose 11 points to 1,337. The Nasdaq Composite added 27 points to 2,887. Up, up, and away this morning. The financials are all trading up with the big banks higher by 2% or more. Bank of America is up 5% as a director bought stock. Genworth is jumping 14% on earnings. Mastercard is higher on an upgrade. Blackstone is higher following earnings and rumors they may make an offer for Brocade. Brocade is higher by 2%. Speaking of techs, Microsoft is at a new 52 week high. Netsuite and Novellus are higher on earnings. Intel, Apple, IBM, and Cisco are just under their 52 week highs. Corning is higher following a conference. In the energy space, Suncoke is up 4% on earnings. Mosaic is modestly higher even though they are lowering production. Clorox and Tyson Foods are higher on earnings. Urban Outfitter is jumping 6% on an upgrade. At 10 o'clock better than expected manufacturing numbers sent the averages higher with the Dow rising 150 points and the Nasdaq rallying 41 points. A great start to the year. The only sector selling off is the Utilities as money comes out of defensive issues. Through the morning and into the afternoon the averages remained strong moving sideways near the highs of the day. Only Merck and PG are in the red within the Dow. The Utilities remain in the red while the financials, energy and techs continue to lead the market. In the last hour the averages pushed higher. The Dow Jones Industrial Average rose 156 points, or 1.2%, at 12,862, its highest close since May 2008. The S&P 500 gained 19 points, or 1.5%, to 1,344. The Nasdaq Composite advanced 45 points, or 1.6%, to 2,905, its highest close since Dec. 2000. For the week, the Dow gained 1.6%. The S&P 500 rose 2.2% and the Nasdaq Composite rose 3.2%, the fifth straight week of gains for both indexes.

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