Day Traders Diary
7/29/09U.S. stocks open lower following a reported that orders for durable goods sank 2.5% in June, a much bigger drop than economists expected. The Dow Jones Industrial Average fell 36 points to 9,059. The S&P 500 index fell 5 points to 973, while the Nasdaq Composite dropped 10 points to 1,965. The techs are in the news. Yahoo and Microsoft finally struck a deal to work together on their Internet search engines. Microsoft is higher, but Yahoo is down 10%. Google is also lower. Plantronics is up 9% on earnings. More earnings keep flooding in. The list of companies include Conoco Philips, Tidewater, Hospira, MeadWest Vaco, General Dynamic, Hess, Wyndham, Qwest, Sprint/Nextel, Norfolk Southern, Moodys, Wellpoint, Hertz, Tyco, Martha Stewart, and Daimler. Most of the stocks are lower. The phone companies are lower by over 2%. Wyndham is up 5%. Dreamworks is up 7% on better than expected earnings. After the first hour the averages remained in the red, but not by much. The financials are holding in there. Bank of America and Fifth Third Bank are higher thanks to positive comments over at Goldman Sachs. The commodities are in the red. Conoco and Hess are lower following earnings. Valero is down 4% on a downgrade. The averages remained quiet through the morning into the lunch hour. A higher than expected 2 year auction for Treasuries caused the averages to sell off. The averages rebounded then sold off once again when the Beige Book indicated continued economic weakness. In the last hour, similar to the last two days, the averages moved back toward the unchanged level. Resilient. The Dow Jones Industrial Average lost 26 points to 9,071. The S&P 500 declined 4 points to 975 points and the Nasdaq declined 7 points to 1967.
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