Day Traders Diary
4/8/10U.S. stocks opened lower on Thursday amid on ongoing retreat after a near uninterrupted two-month streak of gains. The Dow Jones Industrial Average fell 38 points to 10,859. The S&P 500 Index declined 5 points to 1,176. The Nasdaq Composite Index dropped 11 points to 2,419. One group not selling off are the retailers. The sector reported great same store sales this morning another good sign the economy is recovering. Gap, Target, Ross Stores, TJX, Pier One, and Aeropostale are all performing well thanks to strong sales and good guidance. Bed, Bath, & Beyond and Hot Topic are higher on upgrades. Outside the retail sector, the broader market is struggling. Most techs are lower except for Microsoft. BMC Software is up 4% on an upgrade. In the airline industry, US Airways and United Airlines are higher on rumors of merger talks. In the drug space Forest Labs is down 4% as they may not receive FDA approval for their pulmonary drug. After the first hour the averages remain in the red. The financials opened lower, but are now creeping into the green. Similar to yesterday, the averages clawed their way back to the unchanged level led by the financials. During the lunch hour a rally ensued. A resilient market. In the last hour the averages held their gains. The Dow Jones Industrial Average finished up 29 points at 10,927. The S&P 500 Index added 3 points to 1,186. The Nasdaq Composite Index rose 5 points to 2,436.
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