Day Traders Diary

12/9/11

U.S. stocks climbed on Friday, with financial companies pacing the gains, after European leaders agreed to closer fiscal ties and other measures to tackle the region's debt crisis. The Dow Jones Industrial Average rose 77 points to 12,075. The S&P 500 Index added 8 points to 1,243. The Nasdaq Composite advanced 11 points to 2,607. Typical market, we sell off sharply on disappointing comments out of Europe only to rebound the next day when things calm down. The averages would be higher if not for DuPont. DuPont is the dog of the day down 5% after lowering fourth quarter guidance this morning. In the tech space Altera and Texas Instruments are trading down after both companies lowered guidance. All the chips are lower including Intel, but not by much. Lucent is up 5% on an upgrade. The diamond of the day goes to Blue Coat Software up 44% after agreeing to a private equity deal. The financials look the best after getting clobbered yesterday. The European banks are trading up 4% or better. Franklin Resources is up 2% after hiking their dividend. The rest of the sectors are performing well. In the energy space Duke Energy and Ensco are higher on upgrades. Diamond Offshore is higher as well even though it was downgraded. In the drug space Biogen and J&J are higher on upgrades. Through the first hour the averages pushed higher with the Dow rising 110 points and the Nasdaq rising 20 points. A nice rebound following a miserable Thursday. Through the morning and into the afternoon the averages drifted hgher. Not a lot of volatility following the open this week. In the last hour the Dow rose over 200 points only to pull back into the close. The Dow Jones Industrial Average finished up 186 points, or 1.6%, at 12,184, up 1.4% for the week. The S&P 500 added 20 points, or 1.7%, to end at 1,255. gaining 0.9% for the week. And the Nasdaq Composite tacked on 50 points, or 1.9%, to close at 2,646, up 0.8% from a week ago.

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