Day Traders Diary


U.S. stocks opened higher on Wednesday, bouncing back from the worse day since the start of the new year. The Dow Jones Industrial Average rose 43 points to 7,932. Dow component, 3M is actually raising it's dividend. The S&P 500 index rose 6 points to 833, while the Nasdaq Composite gained 8 points to 1,533. The financials are bouncing back. Citigroup is up 5%, Bank of America is jumping 7%, and JP Morgan Chase is up 5%. The CEOs of the big banks will go infront of Congress this morning. National Financial Partners is up 43% on earnings. Unfortunately, the stock has a long ways to go. KeyCorp is up on insider buying. The earnings in the tech sector are mixed. Nvidia is down 6% after missing estimates. Research in Motion is down 15% after lowering guidance. Computer Science and Netsuite are higher following earnings. Applied Materials is unchanged on in-line earnings. Texas Instruments is lower after announcing production cuts. The news in the retail sector isn't getting any better. Macys is lower on a downgrade. Nike is lower after reducing head count. Jones Apparel is higher after reporting a quarterly loss. Other earning reports this morning include Reynolds America, Genesee Wyoming, Agrium, and Dean Foods. Agrium is up 5%, Dean Foods is up 8%, and Genesee Wyoming is down 10%. After the first hour, the rally fizzled. The Dow remained positive by 30 points. The Nasdaq is only up 2 points. After the first hour, the averages did rebound moving back to the highs of the day. During the lunch hour the averages pulled back, but remained in the green. The financials still look okay. The commodities are mixed. Gold closed up 3% to new recent highs while oil dropped for a fourth straight day. Entering the last hour, the averages started to rally once again, but that rally fizzled as well. At least the Senate and the House have agreed to changes on the stimulus package. The Dow Jones Industrial Average finished up 50 points at 7,939. The S&P 500 rose 5 points to 833 while the Nasdaq Composite climbed 5 points to 1,525.

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