Day Traders Diary
4/15/10U.S. stocks on Thursday started slightly lower after a five-day climb, with the market offering tepid reaction to mixed economic data. The Dow Jones Industrial Average fell 17 points to 11,105. The S&P 500 Index dropped a point to 1,209. The Nasdaq Composite held a fractional gain at 2,505. For a second straight day the earnings are great. UPS is the diamond of the day up 4% after raising guidance last night. Another transporter, JB Hunt is jumping 3% after beating earnings estimates last night. Yum Brands is up 3% after beating estimates. A few stocks are trading lower following earnings including MGM, Alliance Financial, Fairchild Semi, and Novellus. Plenty of upgrades this morning in the retail space. The list includes Gap, Saks, Nordstrom, Tiffanys, and Nike. Only Gap is modestly higher. After the first hour the averages remain near the unchanged level. Investors seem to be exhausted after a big run up. One sector that continues to perform well is the techs. Intel is up nearly 3% to new highs after CNBC's Cramer made bullish comments last night. Google is higher ahead of earnings tonight. Apple is at another new high. A select number of financials are higher this morning. Citigroup hit $5 for the first time since August. Bank of America, Wells Fargo, JP Morgan, and US Bancorp all made new highs this morning. In the afternoon the averages nugged into the green led by the techs. The financials pulled back in the last hour. Citigroup is down 6% from the highs this morning. The Dow Jones Industrial Average ended up 21 points at 11,144, a fresh closing high for the year. The S&P 500 index rose a point to 1,211 while the Nasdaq Composite gained 10 points to close at 2,515.
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