Day Traders Diary
10/27/09U.S. stocks rebound today following a couple of down days in a row. The Dow Jones Industrial Average added 46 points to 9,914. The S&P 500 Index gained 4 points to 1,071. The Nasdaq Composite rose 4 points to 2,146. The earning season is winding down. A number of retailers reported earnings this morning. Lululemon is up 8% following earnings while Dollar Thrifty and Under Armour are both down over 6% this morning. Commodity companies BP, AK Steel, Valero, U.S. Steel, and CF Industries all reported this morning. BP is up 3% while the rest are trading down. The casino business continues to struggle. Wynn Resorts is down 7% following earnings. In the financial sector, Ben Franklin and TD Ameritrade are down following earnings. A disappointing consumer confidence number out at 10 o'clock sent the major averages into the red. In the tech sector, Baidu is down 13% on weak guidance. Google and Yahoo are lower in sympathy. After the first hour the Dow was able to rebound into the green thanks to Chevron, ExxonMobil, Verizon, and JP Morgan. IBM pushed the Dow higher after announcing a $5 billion share buyback. The healthcare stocks are demonstrating some strength on a delay in the healthcare bill. Through the morning and into the afternoon the Dow remain in the green. The Nasdaq is clearly struggling, falling into the red. In the last hour more of the same. The Dow Jones Industrial Average finished up 14 points to 9,882. The S&P 500 Index fell 3 points to 1,063. The Nasdaq Composite fell 25 points, or 1.2%, to close at 2,116.
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