Day Traders Diary
8/11/10U.S. stocks on Wednesday started sharply lower, with the Dow Jones Industrial Average falling 200 points, amid escalating worries about the global economy. The Dow Jones Industrial Average dropped 202 points to 10,441. The S&P 500 Index shed 23 points to 1,097. The Nasdaq Composite declined 57 points to 2,219. What a difference a day makes. Weakness out of China and Europe isn't helping things. Everyone is a pessimist today. Disney traded up yesterday thanks to better than expected earnings, but this morning it's trading lower. Cree is down 12% even though they beat earnings estimates last night. Computer Science and Avnet are also trading lower following earnings. Macys seems to be the lone bright spot, trading up 4% after beating estimates. Last night Aflac increased its' dividend and resumed their buyback, all really good news, but of course the stock is lower. The analyst community is not in a good mood this morning either. The stocks receiving downgrades this morning include Intel, Home Depot, Lowes, Viacom, Hartford, Gap, and Time Warner. All are lower. Shocker. Family Dollar received an upgrade, yet the stock is lower. After the first hour the averages remain right where they started. In the tech sector, Research in Motion is up a few pennies. Within the financials, Genworth is up a few pennies and that's about it for the good news. Through the morning the averages pushed lower. The Dow fell over 250 points. The Nasdaq remained near the lows of the day. In the afternoon the averages did not bounce remaining near the lows of the day. In the last hour, the selling continued. The Dow Jones Industrial Average finished down 265 points, or 2.5%, at 10,378. The S&P 500 declined 31 points, or 2.8%, to close at 1,089. The Nasdaq Composite shed 68 points, or 3%, to 2,208. Here we go again.
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