Day Traders Diary
3/24/10U.S. stocks tumbled at Wednesday's start after two days straight of gains. A weaker than expected durable goods number and concerns regarding Greece and Portugal's credit ratings are worrying investors. The Dow Jones Industrial Average fell 26 points to 10,862. Boring is bucking the trend, trading up 1% on an upgrade. The S&P 500 Index declined 3 points to 1,170. The Nasdaq Composite Index dropped 9 points to 2,406. After the open the financials quickly recovered their losses. Congress is still working on financial regulation. Bank of America is up 2% on an upgrade and comments they will write down principle on some troubled loans. Bank of Americ's comments are helping lift the mortgage insurers like Genworth and MBIA. GE continues to perform as well. MF Global is up 9% after naming Jon Corzine as their new CEO. At 10 o'clock, weaker than expected housing numbers didn't seem to hurt the financials. Lennar is 4% after beating earnings estimates. In the tech space Apple keeps pushing higher. Google is dropping every day after deciding to leave China. Adobe is up 4% following strong earnings last night. Jabil Circuit is down 10% following earnings. A tech IPO today called Calix Networks is jumping 23%. That's a good sign. Through the morning the averages pushed lower. Only the financials are bucking the trend. In the retail space, Sanderson Farms and Dreamworks are higher on upgrades. Starbucks is initiating a modest dividend. The stock is unchanged. General Mills is lower even though they beat estimates. Under Armour is down 3% on a downgrade. In the afternoon the Dow dropped 50 points. The Nasdaq declined 15 points. Not much volatility today. In the last hour, no volatility. The Dow Jones Industrial Average finished down 52 points at 10,836. The S&P 500 Index dropped 6 points to 1,167. The Nasdaq Composite Index fell 16 points to 2,398.
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