Day Traders Diary
5/27/11U.S. stocks opened higher on Friday after the Group of Eight leaders, at a two-day summit in France, noted that a strengthening global economy would lead to debt reductions. The Dow Jones Industrial Average rose 49 points to 12,452. The Standard & Poor's 500 Index advanced 5 points to 1,331. The Nasdaq Composite Index rose 7 points to 2,790. The last day before the long Memorial Day weekend so it should be a quiet one. The commodities continue to shine thanks to the Goldman Sachs upgrade earlier in the week. The fertilizers, oils, copper, gold and steel stocks look good. Coal stocks are higher as demand and pricing out of China continue to rise. Noble Corp and Noble Energy are higher on upgrades. The techs look pretty good this morning. Marvell is up 10% following so so earnings, but better than expected guidance. Broadcom is up 5% as FBR made it their top pick. Even HP is higher even though one analyst made cautious comments. One tech that can't seem to get going again is Intel following a downgrade from Goldman Sachs last week. The financials are participating in the rally this morning. One insurance stock, Aflac is down 3% on a downgrade. The company also recently lowered guidance due to their concentrated business in Japan. Through the morning the averages remained in the green right near the highs of the day. The dog of the day goes to Medco Health down 11% after losing a big pharmaceutical contract from Blue Cross and Blue Shield. CVS Caremark is up 3% as the main benefactor from Medco's loss. Through the morning and into the afternoon the averages remained in the green, but off the highs. Only a few select stocks remain weak although volume is extremely low. Many investors have already started the long holiday weekend. The Dow Jones Industrial Average ended up 38 points to 12,441. For the week, the blue-chip average lost 0.6%, its fourth straight down week. The S&P 500 gained 5 points to 1,331. Commodities and financials lead the gains. The S&P 500 lost 0.2% for the week, also its fourth weekly loss. The Nasdaq Composite gained 13 points to 2,796. It also lost 0.2% for the week, its second straight weekly loss.
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