Day Traders Diary
10/14/09October 14, 2009
U.S. stocks on Wednesday surged at the start, with investor sentiment lifted by retail sales and quarterly results from Intel and J.P. Morgan Chase. The Dow Jones Industrial Average rose 99 points to 9,970. The S&P 500 Index added 12 points to 1,085, while the Nasdaq Composite climbed 25 points to 2,165. Earnings, earnings, and more earnings. Intel is up 3% after beating estimates by 5 cents and then receiving a couple of upgrades. Altera is up 2% on earnings. Akamai is up 3% on an upgrade. The usuals like Google, Apple, Research in Motion, and Amazon are all higher. Google reports earnings tomorrow. Within the financials, JP Morgan is up 3% after beating estimates by 30 cents. What recession? Bank of America, Goldman Sachs, Citigroup, and GE are higher ahead of earnings over the next two days. In the retail sector Urban Outfitters and Coach were upgraded. Both are higher. Not many stocks are trading lower. Railroad company CSX is up 4% on strong earnings. Copper and gold company Freeport McMoRan is up a percent on a bullish copper call at Morgan Stanley. After the first hour hour, the averages remain strong. The Dow is up 90 points just below 10,000. The Dow doesn't want to cross 10,000 just yet. The Nasdaq rose 21 points to 2163 back to new highs for the year. In the afternoon, the Dow did it. The Dow hit 10,000 for the first time in over a year. In the last hour the averages remained strong with the Dow pushing to new highs. Tomorrow is another big day for earnings from the likes of IBM, Bank of America, AMD, Google, and Goldman Sachs. The Dow Jones Industrial Average finished at 10,015.86, up 144.8 points, or 1.5%. The S&P 500 Index soared 18 points, or 1.8%, at 1,092, while the Nasdaq Composite jumped 32 points, or 1.5%, to end at 2,172.
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