Day Traders Diary
9/5/12U.S. stocks wavered lower Wednesday as global-growth concerns competed with optimism about the European Central Bank's bond-buying plan after Bloomberg News reported the proposal would involve unlimited purchases. "If the ECB can address the dysfunction in the bond market, it's a good step," said John Canally, an investment strategist at LPL Financial in Boston. The Dow Jones Industrial Average fell 2 points to 13,033. The S&P 500 Index fell nearly 2 points to 1,403. The Nasdaq Composite fell 8 points to 3,066. The weakest sector this morning goes to the transportation average following a preannouncement from FedEx last night. FedEx is lower by 3%. Union Pacific reaffirmed earnings, but the stock is lower. The tech sector opened lower except for Google. AMD is lower by 3% on a downgrade. Intel and ARM Holding got hit yesterday, but are bouncing back today. Facebook is higher by 3% on an upgrade and news CEO, Mark Zuckerberg will not sell any of his stock for a year. Through the first half an hour the averages pushed lower only to rebound into the green. The financials look good. Hartford is up for once on news the company continues to spin off or sell divisions. Allstate and UBS are higher on upgrades. Capital One is modestly lower after announcing a secondary offering. After the first hour the averages kept improving with the Dow rising 50 points. The Nasdaq rose just 5 points as Apple remains one of the weakest techs. The transports remain the weakest sector, but even FedEx has rebounded off its' lows. Resilient market. In the afternoon the averages rebounded only to lose a little steam into the close. Perfect example is FedEx that rebounded in the middle of the afternoon only to fall back into the close. The Dow industrials closed up 11 points at 13,047. The Nasdaq Composite edged down 5 points to 3,069, while the S&P 500 ended down a point at 1,403.
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