Day Traders Diary
7/28/10U.S. stocks wavered after Wednesday's start as corporate quarterly results supported sentiment even as orders for U.S.durable goods fell last month, countering expectations of a rise. The Dow Jones Industrial Average rose fractionally to 10,537. The S&P 500 declined nearly a point to 1,113. The Nasdaq Composite added less than half a point to 2,288. The earnings keep coming in better than expected, but Wallstreet seems unimpressed so far this morning. A number of stocks are lower after beating estimates including Aflac, Hess, Southern Company, Boeing, International Paper, Corning, Lazard, Comcast, Kodak, Newmont Mining, Wellpoint, Arcelor Mittal, Aetna, Dreamworks, and Martha Stewart. The steel stocks are weak for a second consecutive day. US Steel is down 3% on a downgrade. Freeport McMoRan and fertilizer stocks are trading higher this morning. A number of stocks are higher following earnings including Broadcom, Panera Bread, Coke Enterprise, Sprint, CVS Caremark, Las Vegas Sands, and Jones Apparel. Jones Apparel is up 4%. In the tech space IBM, Research in Motion, and Cisco Systems. The financials are modestly lower expect for Metlife and Goldman Sachs. After the first hour the averages remain in the red. Quiet morning so far. Through the morning and into the afternoon the averages remained stuck in the red. At 2 o'clock a weak economic forecast in the Beige book sent the averages lower. Here we go again. A few stocks remain in the green including Research in Motion, Goldman Sachs, Freeport McMoran, Agrium, Verizon, and Walmart. Entering the last hour the Dow was down 50 points. The Nasdaq declined 25 points. In the last hour not much happened. The Dow Jones Industrial Average finished down 39 points at 10,497. The S&P 500 fell 7 points to 1,106, extending the prior session's drop, as health-care and tech stocks dragged the index lower. The Nasdaq Commposite fell 23 points, or 1%, to 2,264.
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