Day Traders Diary
11/4/08U.S. stocks opened solidly higher ahead of the results for today's election. The Dow Jones Industrial Average rose 189 points to 9,509. The S&P 500 gained 18 points to 984, while the Nasdaq Composite added 27 points to 1,754. More earnings today than yesterday. Mastercard had the best results. The stock is up 10% after beating estimates by 22 cents. Most of the financials are higher except for Goldman Sachs. Goldman had another hedge fund report huge losses. The commodities are having a nice day as some believe an Obama victory would be good for the sector, particularly alternative energy. Rowan is up 7% following earnings. In the tech sector Autodesk and Netsuite are lower on earnings. Cisco is higher thanks to an upgrade and earnings coming out tomorrow. Google, Apple, Yahoo, and Research in Motion are higher. Other companies reporting earnings include Tenet Healthcare, Dean Foods, ADP, St Joe, Marvel Entertainment, and Louisiana Pacific. Louisiana Pacific and ADP are higher while the rest are lower. Dean Foods and Tenet Healthcare are both down 16%. Through the first hour the averages remained strong, but off the highs. GE is up 5% on rumors they may be able to access the Treasury's Tarp plan. After the first hour the averages pushed higher. The Dow rose over 220 points. The Nasdaq rose 40 points. So far so good. In the afternoon, the Dow rose over 300 points before pulling back. The Nasdaq jumped 60 points before pulling back. The commodities continue to perform well. Entering the last hour, the Dow was up 175 points. The Nasdaq rose 30 points. Healthcare stocks have sold off along with a number of retail stocks.
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