Day Traders Diary
5/11/10U.S. stocks dropped at Tuesday's start as investors considered the ramifications of the near $1 trillion rescue plan devised by Europe. The Dow Jones Industrial Average fell 66 points to 10,718. The S&P 500 Index declined 9 points to 1,149. The Nasdaq Composite dropped 23 points to 2,351. Some profit-taking is expected following one of the biggest up days in history. Not many stocks are in the green. Two Dow components Disney and McDonalds are modestly higher. Legg Mason and Fossil are jumping 10% following earnings. LDK Solar and Fluor are higher following earnings. Bond insurer, MBIA is down 10% following earnings. A couple of upgrades are helping lift some individual stocks. Redhat, Buffalo Wild Wing, and GE are modestly higher on upgrades. Ameriprise and Gilead Sciences are higher after announcing billion dollar share buybacks. After the first half an hour the averages started to recover, bouncing off the lows. Through the morning the averages remain in the red, but off the lows. A number of techs are in the green. Heading into the lunch hour the major averages moved into the green. In the afternoon the Dow rose 50 points. The Nasdaq rose 21 points. Intel is higher after making positive comments at an analyst meeting. Citigroup was upgraded by Deutsche Bank after meeting with management. The commodities remain one of the weakest categories. Gold closed at a new high, but it isn't helping Freeport McMoRan. In the middle of the afternoon the Dow rose 80 points and then gave up all of those gains. Here we go again. England has made it official announcing the resignation of the Prime Minister. The Conservatives are taking control. In the last hour the Dow fell into the red. The Dow Jones Industrial Average finished down 36 points at 10,748. The S&P 500 Index shed 4 points to 1,155. The Nasdaq Composite inched up 64 cents to 2,375.
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