Day Traders Diary


U.S. stocks opened solidly ahead on Wednesday, extending gains into a third consecutive session, with Intel's sales outlook topping expectations. The Dow Jones Industrial Average added 88 points to 8,449. The S&P 500 gained 10 points to 916 while the Nasdaq Composite rose 29 points to 1,828. Up, up, and away. Intel is up 6% helping lift the chip sector. Altera is also up 6% following earnings. Cisco Systems, Adobe, and Juniper Networks, and Google are all higher on positive analyst comments. The financials are modestly higher. Plenty of upgrades for Goldman Sachs following stellar earnings Monday night. Allstate is up 2% on an upgrade. Capital One is up 8% following earnings showing an improvement in delinquencies. JP Morgan, Citigroup, GE, and Bank of America all report in the next two days. After the first hour, the Dow jumped 140 points. The Nasdaq rose 40 points. A few stocks are trading lower following earnings. Yum Brands is down 5% even though they beat by 7 cents last nighht. Abbott Labs and Wolverine World Wide are down 3% after both missed estimates. Trucking company JB Hunt is lower by 6% after missing estimates by 8 cents yet railroad company CSX is higher by 4% on good earnings two days ago and an upgrade this morning. Through the morning, the averages pushed higher. The Dow rose 175 points. The Nasdaq rose 40 points. So far, so good. In the afternoon, more of the same. So pull back. In the last hour the averages rallied into the close ending near the highs of the day. The Dow Jones Industrial Average added 256 points, or 3.1%, to end at 8,616. The S&P 500 Index rose 26 points, or 3%, to 932 while the Nasdaq Composite soared 63 points, or 3.5%, to 1,862.

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