Day Traders Diary
6/9/11The U.S. stock market opened mostly higher on Thursday, bouncing back after Wall Street's longest losing stretch this year, as investors welcomed a report showing the U.S. trade gap narrowed in April. "The lower-than-expected deficit may lead to a rise in second-quarter GDP estimates of up to 0.4%," said Peter Boockvar, equity strategist at Miller Tabak. The Dow Jones Industrial Average rose 22 points to 12,071. The Standard & Poor's 500 Index added a point to 1,281. The Nasdaq Composite Index dipped 2 points to 2,673. Not much news to start the day. Mens Wearhouse, Smuckers, and Vail Resorts are up over 2% following earnings. The commodities look good this morning. The fertilizer stocks are strong thanks to encouraging industry data. The financials are higher this morning. Morgan Stanley was downgraded, yet the stock is higher. AIG is up 3% on two upgrades. Penson Worldwide is higher, calming fears of collateral issues following a loss they had to eat from one of their board of directors. In the tech sector Texas Instruments dropped 4% after hours last night on a mid-quarter update, however, this morning the stock recovered all those losses, trading up a percent. That's a good sign. Apple is higher on positive analyst comments. Research in Motion is one of the few techs lower on a downgrade. That stock can't seem to get a break. After the first hour the averages improved with the Dow rising 60 points and the Nasdaq inching up 6 points. Through the morning the morning the averages kept improving with the Dow rising over a 100 points and the Nasdaq inching up 14 points. The financials still look good for once. In the afternoon the averages remained strong with the Dow rising as much as 134 points. However in the last hour the sellers came back in wiping out half the gain. The Dow Jones Industrial Average ended its' six-straight losing session, rising 75 points to close at 12,124. The S&P 500 Index rose 9 points to 1289 while the Nasdaq Composite Index rallied 9 points to close at 2,684.
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