Day Traders Diary
6/8/12U.S. stocks opened lower on Friday as economic reports from Europe furthered concern about the global economy. The Dow Jones Industrial Average fell 44 points to 12,416. The S&P 500 declined 5 points to 1,309. The Nasdaq Composite shed 12 points to 2,818. A quiet day to end the week. Everything is under a little bit of pressure, but no heavy selling. In the retail space, McDonalds is lower following disappointing May same store sales. Nordstrom is higher by 2% on an upgrade. Walmart looks great up 2% to a new all-time high. The financials are struggling this morning. Suntrust and Pulte Group are modestly higher on upgrades. After the open the averages slowly improved. The techs are showing some life. Google, Apple, Intel, and Microsoft look good. Even Facebook is displaying strength today. Altera is higher even though it was downgraded. Yahoo is higher on an upgrade. The industrials, materials, telecom, and consumer staples are showing some life. The energy space is still under pressure. Chevron is lower even though it was downgraded. Kinder Morgan is modestly higher on an upgrade. Molycorp is lower on news of a shelf offering. Through the first hour the averages recovered most of their losses. Through the morning the averages moved into the green on light volume. Pretty much a quiet day. In the afternoon the averages crept slowly higher with the Dow rising 80 points and the Nasdaq improving by 22 points. Apple is a standout in the Nasdaq while Walmart is a standout in the Dow. In the last hour the averages pushed higher to finish out a great week. The Dow Jones Industrial rose 93 points to 12,554, giving it a weekly rise of 3.6%. The S&P 500 Index climbed 10 points to 1,325, leaving it 3.7% higher for the week. The Nasdaq Composite advanced 27 points, or 1%, to 2,858, up 4% from the week-ago close.
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