Day Traders Diary
5/26/09U.S. stocks turned higher shortly after the open Tuesday, with strength in technology shares offsetting early concerns about North Korea's nuclear tests and concerns about the fate of General Motors. The Dow Jones Industrial Average inched up a point to 8,282. The S&P 500 index rose 50 cents to 887, while the Nasdaq Composite gained 11 points to 1,703. Quiet morning. It seems investors are still recovering from the long weekend. The techs are one of the few sectors performing well this morning. Apple is jumping 4% on an upgrade. Dell is higher ahead of earnings on Thursday. Corning is higher following an upgrade. IBM and Google opened lower, but turned around. The averages shot higher after the first half an hour thanks to better than expected consumer confidence number. The financials are quiet this morning. Bank of Montreal is up 2.5% after beating estimates. GE is higher even though the CEO is cautious about growth going forward. The analyst community is more bullish this morning than last week. Qwest, P&G, Chicas, Aflac, Metlife, Prudential, Qualcomm, American Eagle, Bank of America, and Target were all upgraded. The retailers are performing well thanks to that consumer confidence number. Chicos and American Eagle are hgher ahead of earnings tomorrow. The commodities are one of the few sectors performing poorly this morning thanks in part to the strong dollar. After the first hour, the Dow shot up 150 points. The Nasdaq rose 40 points. The techs are in the lead. Through the morning the averages remained strong near the highs of the day thanks to that consumer confidence number. In the afternoon, the Dow made new highs trading up 200 points on news the government may provide more money to GM. GM's stock rose 35% in the 30 minutes following this news before pulling back. In the last hour the averages held their gains. The Dow Jones Industrial Average finished up 196 points at 8,473. The S&P 500 index rose 23 points, or 2.6%, to end at 910. The Nasdaq Composite rallied 58 points, or 3.5%, to 1,750.
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