The Week In Review
3/29-4/2/10April 2, 2010
Markets closed for Good Friday.
April 1, 2010
U.S. stocks started strongly higher on Thursday, with commodities including oil and gold also rallying, after a fall in weekly jobless claims echoed positive data from overseas. Thoughts of increased global demand had energy and material companies rising. The Dow Jones Industrial Average rose 80 points to 10,936. The S&P 500 Index climbed 10 points to 1,180. The Nasdaq Composite added 21 points to 2,419. The start of a new quarter and the markets are off to the races. In the commodity space Freeport McMoran is jumping 3%. Suncor Energy is up 3% on an upgrade. In the tech space Apple is at a new high. Google looks good. The chips are performing well thanks to strong earnings from Micron last night. Micron is jumping 4% following a number of upgrades. One of the few techs lower is Research in Motion. The stock is down 5% after missing estimates last night. Goldman Sachs downgraded the stock. The financials are higher. Legg Mason is up 5% on an upgrade. Hartford is up 2% after reiterating guidance. Citigroup's spinoff of Primerica is getting good reception this morning. One of the few financials trading lower is Blackrock on a downgrade. In the retail space AnnTaylor and Gap are higher on upgrades. Borders is jumping 44% following earnings. I guess they are not going bankrupt just yet. Carmax and Scholastic are modestly lower following earnings. After the first hour the Nasdaq rose 20 points. The Dow rose 95 points to 10950, inching closer to 11000. Through the morning the averages backed off their gains, but not by much. A few stocks are not participating in the rally including Research in Motion, Microsoft, and Walmart. Fertilizer stock Mosaic is dragging down the sector after missing earnings estimates this morning. In the afternoon the averages gave up more of their gains. The Nasdaq fell into the red. The Dow gave up half it's gains, dropping below 10900. So much for Dow 11000. In the last hour
the averages had a nice recovery. The Dow Jones Industrial Average finished up 70 points to end at 10,927. The S&P 500 Index ended up 8 points at 1,178. The Nasdaq Composite rose 4 points to end 2,402.
March 31, 2010
U.S. stocks opened lower on this last day of the first quarter. A payroll company ADP reported U.S. employers cut 23,000 jobs in March reversing anticipations of job gains. The Dow Jones Industrial Average fell 26 points to 10,880. Honeywell is up a percent after raising guidance last night. The S&P 500 Index shed 3 points to 1,169, while the Nasdaq Composite declined 4 points to 2,406. It's been a good first quarter, but today might be quiet as most money managers have firmed up their positions. In the tech sector Apple, Research in Motion, Intel, and Applied Materials were all upgraded, yet none are reacting much. LSI Logic and Marvell are lower on downgrades. In the retail space Jos A Bank is up 3% on earnings. Dollar General, Rite Aid, and Sealy are lower following earnings. Macys is lower even though they announced they will repurchase $500 million in debt. The financials are modestly lower. Goldman Sachs and Morgan Stanley are lower after having their numbers cut. Genworth is performing well up 3% to new highs this morning. Most of the mortgage insurers are higher on positive housing data. After the first half an hour the averages remain in the red, but quiet. After the first hour the averages slowly recovered most of their losses. The techs and financials are perking up. During the lunch hour the Dow fell back into the red, but the financials remain in the green. Ford is lower even though they reiterated 2010 and 2011 guidance. Heading into the last hour the averages sold back off with no rebound into the close. The Dow Jones Industrial Average finished down 50 points at 10865. The S&P 500 declined 3 points to 1169 while the Nasdaq dropped 12 points to 2397. For the month, the Nasdaq rose 7% while the Dow and S&P500 rose over 5%. For the year the Dow is up 4.1%, the S&P is up 4.8%, and the Nasdaq rose 5.6%. Not bad.
March 30, 2010
U.S. stocks edged higher at Tuesday's start after data showed home prices tallied their smallest yearly decline in almost three years in January. The Dow Jones Industrial Average rose 18 points to 10,913. The S&P 500 Index gained a point to 1,174. The Nasdaq Composite Index added 6 points to 2,410. Apple is making news this morning. Apple is expected to allow Verizon to carry the iphone within the next year. Verizon is up 3% on that news. Apple is up 2% at new highs. Chipmaker, Qualcomm is up a percent on the possiblilty they may get their chips into the iphone. Rival Research in Motion which reports earnings tomorrow is down 2% on worries of new compeition from the iphone. Marvell, jabil Circuit, Qualcomm, and Juniper Networks were all upgraded this morning. All four are higher. Google' stock continues to struggle. Another that continues to perform well are the commodities. Freeport McMoran is up 2% to new recent highs. The fertilizer stocks continue to perform well. In the retail space Chipotle Mexican Grill and Buffalo Wild Wing received upgrades. Both are higher. The financials are quiet this morning. Genworth is unchanged on an upgrade. After the first hour the averages remain in the green, but not by much. Trading seems quiet ahead of the quarter end tomorrow. Through the morning the averages gave up their gains. Nothing really going on. In the afternoon the averages flat-lined. The financials are in the red. In the last hour chip equipment maker, Applied Materials rose after the company raised guidance. No preannouncements. That's a good sign. The Dow Jones Industrial Average finished up 11 points at 10,907. The broad S&P 500 index barely advanced, rising 5 cents to 1,173, while the technology-heavy Nasdaq Composite ended up 6 points at 2,410.
March 29, 2010
U.S. stocks started higher on Monday as investor sentiment improved on thinking the global economic recovery continues thanks in part to encouraging news out of Greece. The Dow Jones Industrial Average rose 42 points to 10,892. The S&P 500 Index climbed 5 points to 1,172. The Nasdaq Composite added 12 points to 2409. The markets seem to want to go higher at least into the end of the quarter on Wednesday. Citigroup opened higher as the Treasury over the weekend agreed to sell their stake in the global giant. A top money manager in Barrons over the weekend recommended Bank of America, Citigroup, and AIG. All three opened higher. The rest of the financials opened higher as well, but then sold off. Citigroup fell into the red. Huntington Bancshares is lower even though FBR upgraded the regional bank. In the tech space Apple opened at another new high. The chips are performing well. Micron received an upgrade. Google is one of the few techs trading lower. In the retail space Best Buy, Finish Line, Talbots, and Bed, Bath, and Beyond were upgraded. Finish Line and Best Buy are actually lower. Dreamworks is the dog day down 8% after their new animated movie did not live up to expectations. After the first hour the averages remain in the green, but off the highs. Through the morning the averages pushed higher. The Dow rose over 10900 before pulling back. Most of the financials are now in the red. In the afternoon more of the same. The commodities are performing well. Freeport McMoran is jumping 4% on an upgrade. In the last hour the averages held their gains. The Dow Jones Industrial Average finished up 45 points at 10,895. The S&P 500 Index rose 6 points to 1,173. The Nasdaq Composite Index climbed 9 points to 2,404.