Day Traders Diary
02/07/2012U.S. stocks started lower Tuesday as Greece tried to reach consensus on budget cuts needed for further rescue funds. The Dow Jones Industrial fell 27 points to 12,817. The S&P 500 dropped 3 points to 1,340. The Nasdaq Composite declined 7 points to 2,894. Worries out of Europe pushed our averages and the financials lower. UBS is lower following earnings this morning. Charles Schwab received an upgrade, but the stock is lower. The earnings keep coming in with mixed results. Arcelor Mittal is jumping 4% on earnings. Toyota , Yum Brands, Church & Dwight, Martin Marietta, and Gaylord Entertainment are higher on earnings. Coinstar is the diamond of the day jumping 18% on earnings while NCR is up 8% as Coinstar will buy one of their divisions. On the downside Emerson , Louisiana Pacific, and Pioneer Natural Resources are lower on earnings. Through the first hour the averages pushed a little lower only to rebound later in the morning. Into the afternoon the averages moved into the green even though most of the strength is in defensive issues like Utilities and consumer staples. Resilient market. Through the afternoon the averages moved sideways. The transports are under a little bit of pressure as is the price of copper. The defensive sectors are performing well like utilities, healthcare, and consumer staples. In the last hour the averages improved only to give back a little into the close. The Dow Jones Industrial Average finished up 33 points at 12,878, its highest close since May 2008. The S&P 500 gained 2 points to 1,347. The Nasdaq Composite added 2 points to 2,904.
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