Day Traders Diary
11/4/09U.S. stocks started higher on Wednesday as the market anticipates the Federal Reserve's current take on the economy. The Dow Jones Industrial Average climbed 55 points to 9,827. The S&P 500 Index added 7 points to 1,053. The Nasdaq Composite rose 11 points to 2,068. The financials are rallying this morning after rebounding into the close yesterday. Hartford is higher following earnings last night. National Financial Partners is up 15% following better than expected earnings last night. Mastercard is up 2% on an upgrade. Bond insurer, AMBAC is up 41% after reporting a profit. A REIT, American Capital is jumping 21% on in line earnings. The techs are rebounding nicely. Google, Apple, Intel, Cisco, and IBM are higher. Dolby Labs and Garmin are down over 4% following earnings. In the commodity space Agruim is higher on in line earnings. Oil companies Transocean, Baker Hughes, and Devon Energy are all lower following earnings. Other earnings are coming in from Molson Coors, Liz Claiborne, ADP, Pulte, Time Warner, Comcast, and General Dynamic. Tyco, WellCare, and Foster Wheeler are all up over 7% following earnings. After the first half an hour the Dow jumped 100 points. The Nasdaq rose 13 points. After the first hour the Dow jumped 140 points. The Nasdaq rose 21 points. So far so good. Through the morning and into the afternoon the averages remained strong. The financials are pulling back a littel bit. In the last hour the averages kept pulling back led by the financials. That's not good. The Dow Jones Industrial Average added 30 points to 9,802. The S&P 500 Index gained a point to 1,046. The Nasdaq Composite fell a point to end at 2,055.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.