Day Traders Diary
8/5/09U.S. stocks opened modestly lower on Wednesday, with investors retreating after four days of gains following a private-sector report offering little improvement on unemployment data. The Dow Jones Industrial Average shed 32 points to 9,287. P&G is lower by 3% after beating estimates by a penny. The S&P 500 Index lost a point to 1,004, while the Nasdaq Composite also lost a point to 2,009. After the open the averages pushed lower following disappointing manufacturing numbers. On the earnings front Electronic Arts, BMC Software, Kraft, Transocean, and Dean Foods are all trading lower. Orbitz and Whole Foods are both up over 20% following strong earnings. Polo Ralph Lauren, Agrium, and Devon Energy are also higher following earnings. The financials remain the champs. Bank of America goes up 2-3% every day. Citigroup is higher following news the US Bancorp is higher thanks to an upgrade. REIT, American Capital Strategists is lower by 13% following disappointing earnings. After the first hour, the Dow was down 100 points. The Nasdaq declined 22 points. The financials remain in the green. Through the morning the averages remained in the red, but off the lows. The financials still look great. In the afternoon, more of the same. Entering the last hour, the Dow was down only 27 points. The Nasdaq was down 19 points. The financials still look great. In the last hour, the averages almost got back to the unchanged level only to sell of once again. U.S. stocks finished lower on Wednesday, with health care and energy shares weighing the most, as Wall Street snapped a four-day winning streak. The Dow Jones Industrial Average finished up 39 points at 9,280. The S&P 500 Index slipped 2 points to 1,002 while the Nasdaq Composite shed 18 points to 1,993.
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