Day Traders Diary
6/2/09U.S. stocks are set to consolidate the gains from yesterdays' big rally. The Dow Jones Industrial Average fell 12 points to 8,708. The S&P 500 index fell 3 points to 939, while the Nasdaq Composite dipped 8 points to 1,820. The financials are weighing on the market as a number of banks including American Express, Morgan Stanley, and JP Morgan offered to sell common shares to repay government money. All three are lower. Bank of America stated they have already raised nearly all the money the government demanded. Bank of America opened lower, but rallied following better than expected housing data. Genworth and SunTrust are higher on an upgrade. The Nasdaq rose 17 points after the first half an hour. The Dow jumped 60 points, briefly moving into positive territory for the year before pulling back. After the first hour, the averages remained in the green, but not by much. The big techs are back in the red. Juniper Networks is lower on a second downgrade in as many days. Research in Motion is modestly higher following another upgrade. Investors love Research in Motion and Apple. The Dow Jones Transportation Average continues to improve even as oil pushes higher. Norfolk Southern and Burlington Northern Santa Fe are higher following upgrades. In the retail space, Dollar General is higher thanks to strong earnings. Consumers are flocking to the deep discounters. Through the morning and into the afternoon, the averages remain in the green, but not by much. Healthcare and insurance stocks are performing well except for Cardinal Health. The stock is down 11% even though they raised their dividend because they lowered guidance for next year. In the last hour, the averages held on to maintain their gains. The Dow Jones Industrial Average finished up 19 points at 8,740. The S&P 500 added nearly 2 points to 944. The Nasdaq Composite gained 8 points to 1,836.
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