Day Traders Diary


U.S. stocks started higher on Wednesday, reversing course from the prior day's decline, with sentiment lifted in part after food company Kraft raised its forecast for the year. The Dow Jones Industrial Average added 23 points to 10,650. The S&P 500 Index rose 2 points to 1,138. The Nasdaq Composite Index gained 8 points to 2,290. Kraft is up 2.4% as they continue to fight to buy Cadbury. The analyst community remains bullish on the market. KLA-Tencor, Novellus, Texas Instruments, Qualcomm, Marvell Tech, QLogic, NetAppliance, Symantec, and Intel all received upgrades. Intel reports earnings tomorrow night, however, it and the rest of the sector are modestly lower. Google is weak after threatening to pull out of China. Bad news for Google, but good news for Baidu. The financials are lower once again as the CEOs for the top banks were broughin frontnt of Congress this morning. Capital One is down 2% on a downgrade. Visa and Mastercard are modestly higher on upgrades. After the first hour the averages gave up their gains, falling into the red. In the Dow, Merck is the strongest component up 4% on an upgrade. AstraZeneca is also higher on an upgrade. CBS and UPS are higher on upgrades so there are a few stocks trading higher. Right before the lunch hour the averages had a nice reversal with the three major averages moving into the green. The financials and most other sectors have had a nice turnaround. In the afternoon and the last hour the averages kept improving with the Dow closing in on the highs for the year. The Dow Jones Industrial Average finished up 53 points at 10,680. The S&P 500 Index rose 9 points to 1,145. The Nasdaq Composite climbed 25 points to 2,307.

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