Day Traders Diary
6/16/09U.S. stocks edged higher at Tuesday's start, bouncing back from the market's biggest drop in more than a month. Positive data on the housing front and modest inflation data are lending further support. The Dow Jones Industrial Average rose 8 points to 8,620. The S&P 500 inched up 2 points to 925 while the Nasdaq Composite gained 4 points to 1,821. The techs are performing well this morning. Research in Motion is up 4% ahead of earnings on Thursday. Plenty of analysts are upgrading and raising estimates for the smart phone maker. IBM and Microsoft are higher thanks to upgrades. Cisco, EMC, Red Hat, and Juniper Networks are all unchanged following upgrades. On the earnings front, Best Buy is lower by 3% even though they beat estimates by 8 cents. Smithfield Foods is also lower after reporting a $79 million loss. Lay-Z-Boy is up 12% after beating expectations. Tyco Electronics is up 8% after raising their outlook. The commodities are all higher. Steelmaker, Nucor is up 5% after issuing guidance above consensus. Most of the financials are higher. Morgan Stanley is higher on news the company is expected to repay TARP tomorrow. After the first half an hour, the averages remained in the green, modestly above where they started the day. Through the morning the averages gravitated back to the unchanged level. In the afternoon, the Dow fell into the red by 50 points. The Nasdaq declined 6 points. In the last hour, the Dow dropped 100 points, tried to rebound, but then sell off into the close. The Dow Jones Industrial Average sank 107 points to 8,504. The S&P 500 lost 11`points, or 1.3%, to close at 911. The Nasdaq Composite slid 20 points, or 1.1%, to 1,796.
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