Day Traders Diary
6/23/10June 23, 2010
U.S. stocks opened down slightly on Wednesday, while investors await data on housing and the Federal Reserve's decision on interest rates in the afternoon. The Dow Jones Industrial Average fell 10 points to 10,282. The S&P 500 index fell a point to 1,094. The Nasdaq Composite fell 4 points to 2,257. The oil drillers had a nice bounce after a Federal judge on Tuesday struck down the Obama administration's moratorium on deep water drilling, imposed after the Gulf oil spill disaster. Transocean is modestly higher on positive analyst comments. Petrobras is lower after postponing a public offering. In the tech space Redhat and Jabil Circuit are higher following earnings. Adobe is down 4% following earnings. It did get upgraded. Apple was upgraded, of course, but the stock is lower. Salesforce.com is lower as well even though it was upgraded. At 10 o'clock a disastrous housing number sent the averages lower. The Dow dropped 40 points. The Nasdaq declined 20 points. The retail space is mixed this morning. Carmax and Rite Aid are higher following earnings. Dr Pepper Snapple and Walgreen are lower on downgrades. Dreamworks is higher on an upgrade. Medtronic is down 3% after reiterating guidance. Phillip Morris is higher by 3% after lowering guidance due to the weak Euro currency. In the afternoon the averages slowly improved back to the unchanged level. The Fed left rates unchanged indicating the economy is growing, but not by much. The averages initially sold off, but then rebounded back into the green thanks to a declining U.S. dollar. In the last hour the averages vacillated around the unchanged level. The Dow Jones Industrial Average finished up 4 points at 10,298. The S&P 500 Index declined 3 points to 1092. The Nasdaq Composite declined 7 points to 2,254.
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