Day Traders Diary
6/5/09U.S. stocks rallied at Friday's start, with both the Dow Jones Industrial Average and the S&P 500 headed to a third consecutive week of gains, after the government reported a better than expected jobless claims for May. The Dow Jones Industrial Average rose 87 points to 8,838, back in positive territory for the year. The S&P 500 Index advanced 8 points to 951 while the Nasdaq Composite gained 15 points to 1,865. Everyone seems to be in a good mood this morning. Plenty of upgrades. In the financial sector Visa, Bank of America, JP Morgan, and Allstate were all upgraded. All are modestly higher. The techs continue to perform well. Google, Apple, and Research in Motion are higher. Investors and employees are optimistic that Steve Jobs will return to Apple this month. Red Hat is higher on an upgrade. In the retail space, Guess is jumping 5% after beating estimates by 6 cents. Walmart opened higher, but then pulled back. Today is their annual shareholder meeting. Best Buy is higher on news the company plans to open 13 new stores this quarter. After the first half an hour, the Nasdaq gave up all its gains. The Dow is close to the unchanged level. Looks like selling on the news. After the first hour, the Dow rebounded. The Nasdaq remained stuck near the unchanged level. In the afternoon, more of the same. A quiet afternoon. The Dow Jones Industrial Average finished up 12 points at 8,763, up 3.1% for the week. The S&P 500 Index fell 2 points to 940, leaving it ahead 2.3% from the week-ago close. The Nasdaq Composite declined fractionally to 1,849, up 4.2% for the week.
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