Day Traders Diary
2/9/10U.S. stocks rallied at the start on Tuesday on hopes Greece would get European assistance in combating its deficit. The Dow Jones Industrial Average rose 123 points to 10,032. The S&P 500 Index climbed 14 points to 1,071. The Nasdaq Composite Index gained 27 points to 2,153. Within the Dow Caterpillar is up 5% on an upgrade. Verizon is higher as well on an upgrade. Coke is up 3% even though they missed estimates by a penny. The commodities are performing well. Agrium is jumping 4% on in line earnings. Potlatch is up 3% after beating estimates. Other companies reporting earnings include Biogen and Coventry Health. Both trading higher. Martin Marietta and Pulte Homes are lower by 4% after both missed earnings estimates. Molson Coors is also lower after missing estimates. After the first hour the averages remained strong, but a few stocks are losing steam. The financials are up, but not by much. Citigroup and Bank of America had their credit outlook downgraded. The regional banks seem to be holding up better than most. Fulton Financial is up 2% on an upgrade. In the insurance space Lincoln Financial is up 5% while Hartford is down Through the morning more and more stocks gave up their gains. In the tech space Research in Motion and Corning well into the red. Bank of America, GE, and Goldman Sachs also gave up their gains. The averages gave up half their gains only to rebound once again when the Euro Zone Governments decided in principle to help out Greece. The Dow rebounded, jumping 140 points as the U.S. dollar sank. Commodities are performing well. During the lunch hour the Dow rose 200 points when Germany indicated that aid to Greece was premature. The averages sold off then rebounded again. Through the afternoon the averages remained strong thanks to a weak dollar. The Dow Jones Industrial Average finished up 150 points, or 1.5%, to 10,058. The S&P 500 Index climbed 13 points, or 1.3%, to 1,070. The Nasdaq Composite Index gained 24 points, or 1.2%, to 2,150.
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