Day Traders Diary
U.S. stocks fell sharply on Friday, jeopardizing a sixth week of gains for the S&P 500, after European finance minister stipulating conditions Greece must meet before Athens receives another round of funds. "The bottom line for U.S. investors is that while the Greek situation has been pushed down the importance scale, that is only because a deal to secure the second bailout looked more likely than not," Dan Greenhaus, chief global strategist at BTIG LLC, wrote in emailed research. The Dow Jones Industrial Average fell 118 points to 12,772. The S&P 500 retreated 12 points to 1,339. The Nasdaq Composite declined 27 points to 2,899. Not much news out this morning other than the riots in Greece . The diamond of the day goes to Cobalt International Energy up 36% on an oil discovery in Angola . Conoco Phillips is higher as well on an upgrade, but the rest of the sector is lower. Noble Energy is lower by 2% even though it received an upgrade. Arch Coal is down 3% on earnings. Petrobras is down 8% following mixed results. A weaker than expected consumer sentiment number sent the averages lower. The Dow fell over 130 points while the Nasdaq bounced off the lows thanks to Apple. Apple is one of the few techs higher trading just under $500 a share. LinkIn is also higher following earnings last night. Through the morning the averages moved sideways. Activision Blizzard is down 2% following earnings. Lorillard is down 3% on earnings while rival Phillip Morris is lower even though it was upgraded. Through the morning and into the afternoon the averages remained weak. In the last hour a short covering rally brought the averages off their lows. The Dow Jones Industrial Average finished down 89 points at 12,801, losing 0.5% for the week. The S&P 500 lost 9 points to 1,342, off 0.2% for the week. The Nasdaq Composite fell 23 points, or 0.8%, to 2,903, off 0.1% for the week.
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