Day Traders Diary
7/10/09U.S. stocks opened lower on Friday, with the broad market heading to a fourth consecutive week of losses, as investors faced uncertainty about the economic recovery and earnings report coming next week. The Dow Jones Industrial Average dropped 46 points to 8,137. The S&P 500 Index shed 4 points to 877, while the Nasdaq Composite fell fractionally to 1,751. The techs are one of the few sectors performing okay. Yahoo, EMC, Google, Apple, and Dell were all upgraded and are trading higher. IBM is down a percent on a downgrade. The financials are mixed. JP Morgan analyst made comments that Bank of America should make money, but it will be a messy quarter. The stock is down 3%. Legg Mason is up a percent on an upgrade. The commodities are lower once again. Oil is below $60 a barrel. That's a good thing. After the open, the Dow remained weak. The Nasdaq held firm near the unchanged level. Through the rest of the morning and into the afternoon, the Dow remained in the red and the Nasdaq held firm near the unchanged level. Queit day, quiet week. In the last hour, the averages nudged closer to the unchanged level. The Dow Jones Industrial Average finished down 36 points at 8,146 leaving it with a weekly decline of 1.6%. The S&P 50 Index shed 3 points to 879, off 1.9% from the week-ago close. The Nasdaq Composite gained 3 points, or 0.2%, to close at 1,756, with the technology-laden index left with a decline of 2.3% for the week.
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