Day Traders Diary
12/1/09U.S. stocks start the month of December sharply higher ahead of economic reports on housing and manufacturing. The Dow Jones Industrial Average gained 109 points to 10,454. The S&P 500 rose 12 points to 1,107 while the Nasdaq Composite added 25 points to 2,169. The retailers and commodities are performing well this morning. In the retail space, Staples and Guess are jumping over 4% following strong earnings. Target, Walmart, Amazon, Nordstrom, and Costco are all higher thanks to positive analyst comments following Cyber-Monday. The commodities are performing well. Gold is pushing to a new high. Fertilizer stocks Potash, Mosiac, and Agrium are all jumping over 2% thanks to upgrades. In the tech sector, Altera is up 5% after raising guidance. Analysts expect other techs to raise guidance like Xilinx. Xilinx is up 3%. Google and Amazon opened at new recent highs this morning. The financials opened higher, but then pulled back dragging the major averages with it. After the first hour the Dow remained up 90 points. The Nasdaq rose 22 points. Through the morning and into the afternoon the averages remained strong. Only the financials are not participating. The commodities are performing well. Gold hit a new high of 1200 an ounce. In the afternoon more of the same. The techs are performing well except for Apple which saw a late day sell off. The Dow Jones Industrial Average ended at 10,471, up 126. points, or 1.2%. The S&P 500 Index rose 13 points to 1,108. The Nasdaq Composite gained 31 points, or 1.5%, to 2,175.
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