Day Traders Diary
U.S. stocks advanced Tuesday, with equities rising along with the euro after Spain 's borrowing costs declined at an auction, denting worry about the nation's ability to handle its debt. The Dow Jones Industrial Average rose 109 points to 12,531. The S&P 500 Index climbed 11 points to 1,301. The Nasdaq Composite added 26 points to 2,737. Europe is up therefore the financials are higher, at least to start. Wells Fargo looks good up a percent to new recent highs following better than expected earnings. On the flip side Citigroup, M&T Bank, and TD Ameritrade are lower after earnings. The tech space is witnessing a broad based rally. Microsoft, Apple, and Applied Materials are higher on upgrades. Intel is lower on a downgrade. The Energy and Material space are performing well. Hess and Potash are higher by 2% on upgrades. Cliffs Natural Resources is higher on an upgrade. Copper play, Freeport McMoran is jumping 2.5% in part to encouraging economic data out of China . The retail sector is exhibiting plenty of volatility once again. Research in Motion and Sears are jumping 8% each thanks to speculation of takeover rumors. Hasbro is higher by 2% on positive guidance. Eastman Kodak is jumping 12% only because they didn't file for bankruptcy over the weekend. However, the dog of the day goes to Carnival down 13% as one of their cruise ships ran aground off the coast of Italy . That's not good for business. Rival, Royal Caribbean is also lower by 4%. Through the first hour the averages held on to their gains, but couldn't push higher. Through the morning the averages drifted off the highs as the financials started to break down. Only Wells Fargo and a few other banks remain in the green. In the afternoon the averages drifted lower led by financials. It looked like the averages were going to give up all their gains when the averages stabilized in the last hour. Whew. The Dow Jones Industrial Average finished at 12,482 up 60 points. The S&P 500 rose 4 points to 1,293. The Nasdaq Composite climbed 17 points to 2,728.
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