Day Traders Diary
5/26/10U.S. stocks opened higher Wednesday after the prior day's late surge. A healthy durable goods report also inspired buying on Wall Sreet. The Dow Jones Industrial Average rose 83 points to 10,127. The S&P 500 Index climbed 11 points to 1,085. The Nasdaq Composite added 28 points to 2,239. Everything looks good today. The analysts are in a good mood upgrading plenty of stocks. The upgrade list includes Zions Bancorp, VMware, Johnson Controls, BP, Autozone, Cisco Systems, US Bancorp, Under Armour, Alcoa, Home Depot, and Lowes. Only Autozone is lower. On the earnings front, Zales and Toll Brothers are higher after reporting quarterly losses. The dog of the day goes to American Eagle down 10% after reporting in line earnings. After the first hour the Dow rose over 100 points. The Nasdaq rose 44 points. So far so good. Through the morning the averages remain in the green, but off the highs. A few stocks are in the red including a couple of financials like Goldman Sachs. In the afternoon the averages gave up their gains heading into the last hour and then bounced. In the last hour the selling accelerated. The Dow Jones Industrial Average finished down 69 points at 9974. The S&P 500 Index declined 6 points to 1,067. The Nasdaq Composite declined 15 points to 2,195.
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