Day Traders Diary
6/24/09U.S. stocks opened higher Wednesday after the government reported a better-than-expected rise in orders for U.S. durable goods, bouncing back after three days of losses. The Dow Jones Industrial Average rose 48 points to 8,371. No rebound in Boeing after a dismal day yesterday. The S&P 500 gained 7 points to 902. The Nasdaq Composite advanced 21 points to 1,786. Oracle is leading the charge within the techs, up 6% after beating earnings estimates last night. Palm is up 5% thanks to an upgrade ahead of earnings later in the week. Most of the techs look good. The financials are performing well for a second day. Deutsche Bank is jumping 6% on an upgrade. RBC made positive comments on Wells Fargo and Bank of America. Both are higher. The commodities are performing well. Potash is up 2% on positive comments in Barrons. On the earnings front, Monsanto and Rite Aid are higher on earnings. Supervalu is lower by 13% after guiding earnings lower. Through the morning, the Dow jumped 100 points before pulling back. Boeing is weighing on the Dow now down 4.5%. The Nasdaq rose 33 points and actually continued to improve through the afternoon. At 2:15, the Fed left rates unchanged as expected, but the Dow did sell off, falling into the red. In the last hour, the selling accelerated. The Dow Jones Industrial Average finished in negative territory for a fourth consecutive day, down 23 points at 8,299. The S&P 500 ended well off its earlier highs at 900 up 5 points. The Nasdaq Composite gained 27 points to 1,792.
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