Day Traders Diary
03/28/12U.S. stocks opened nearly flat Wednesday following weakness overseas and a lower than expected durable goods order this morning. The Dow Jones Industrial Average rose 11 points to 13,208. The S&P 500 Index climbed nearly a point to 1,413. The Nasdaq Composite advanced 8 points to 3,128. Once again tech and financials led the way. In the tech space Apple is at a new all time high while Google is also performing well. Google was upgraded with a $750 price target. IBM is trading at a new high helping out the Dow. Nvidia is up 2% on an upgrade. KLA Tencor, Juniper, Salesforce.com were all upgraded, but are trading lower. Rival, Redhat reports earnings tonight. The financials are holding in there, but other sectors are under pressure. The energy space has been under pressure for a while trading down over a percent this morning. Materials are also under pressure. Freeport McMoran, a pure copper play, is down 3.5% on heavy volume. Industrials space is also lower. GE was upgraded, but the stock is lower. One industrial, Huntington Ingalls is jumping 8% on earnings. Through the first hour the averages drifted lower. The retail sector is mixed. Sealy is jumping 7% on earnings. Family Dollar is higher as well on earnings while Jos. A Bank is down 8% on earnings and lowered guidance. Through the morning and into the afternoon the averages kept dropping. The Dow dropped 130 points before rebounding. The Nasdaq declined 33 points before rebounding. A little profit-taking into the quarter end. In the last hour the averages continued to recover off the lows led by tech, ie Apple and Google. The Dow Jones Industrial Average fell 71 points to 13,126, led by a 3.5% drop in Caterpillar. The S&P 500 fell 6 points to 1,405, with materials and energy falling the most. Financials bucked the trend. The Nasdaq Composite fell 15 points to 3,104.
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