Day Traders Diary
6/2/10U.S. stocks began higher on Wednesday, with Wall Street offering a mild bounce back after a two-session losing streak. Stocks gained some ground as Europe's common currency held above a four-year low reached on Tuesday. The Dow Jones Industrial Average gained 49 points to 10,073. The S&P 500 Index rose 7 points to 1,078. The Nasdaq Composite added 13 points to 2,235. Amgen is jumping 7% on the approval of an osteoporosis drug that could generate billions. GlaxoSmithKline is up 2% on an upgrade from Jefferies last night. Plenty of upgrades in the tech sector. Apple, Research in Motion, Jabil Circuit, Cypress Semiconductor, RF Micro Devices, and Ciena are all higher on upgrades. The financials are modestly higher. JP Morgan is higher on an upgrade. The commodities are performing well. Even BP is modestly higher even though Credit Suisse indicated that costs could rise to $37 billion. Ouch. Credit Suisse's target is still $49 a share for BP. In the retail space Coach, Big Lots, and Deere are higher on upgrades. JoS A Bank and Bombardier are higher following better than expected earnings. Polo is lower on a downgrade. After the first hour the averages pushed higher with the Dow jumping 80 points. The Nasdaq rose 16 points. Through the morning and into the afternoon the averages pushed higher with the Dow rising over 100 points. The Nasdaq rose 37 points erasing yesterday's late sell off. In the middle of the afternoon the averages sold off, then reaccelerated with the Dow up 150 points entering the last hour. In the last hour the averages kept improving. Google is retesting recent highs. Bank of America is up 2% on positive comments at a Sanford Bernstein conference. The commodities are pushing higher. Everything looks good. In the last hour the averages accelerated into the close. The Dow Jones Industrial Average finished up 225 points, or 2.3%, at 10,249. The S&P 500 index rose 27 points, or 2.6%, to 1,098. led by a 4.3% jump in the energy sector. The Nasdaq Composite jumped 58 points, or 2.6%, to 2,281.
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