Day Traders Diary
02/06/2012
U.S. stocks started lower on Monday, with the S&P 500 retreating after a three-session winning run, as Greece struggled for agreement on spending cuts needed to get another round of rescue funds. The Dow Jones Industrial Average fell 46 points to 12,816. The S&P 500 Index shed 5 points to 1,339. The Nasdaq Composite declined 15 points to 2,890. A quiet start to the day after a phenomenal run to start the year. On the earnings front, Humana and Sysco Foods are down 4% on in-line earnings. CNA Financial, Hasbro, and Loews are modestly lower on earnings. Through the first hour the averages remained weak with only a few stocks in each sector trading higher. In the tech space IBM, Google, and Apple look good. Corning is higher on an upgrade. Micron is lower as their CEO died on Friday. A number of analysts made positive comments on the stock this morning. The financials are modestly lower except for GE. GE had a couple Super Bowl ads last night. The home builders are lower on downgrades. Through the morning and into the afternoon the averages tried to improve led by the energy sector. A number of techs remain in the green like Google and Apple along with some consumer staples and discretionary stocks. In the last hour the averages kept improving almost making it back to the unchanged level. U.S. stocks closed lower Monday, coming off multi-year highs, as talks between Greece and its international lenders, as well as private-sector creditors, proved inconclusive. The Dow Jones Industrial Average finished down 17 points at 12,845 after ending at its highest since May 2008 on Friday. The S&P 500 dropped 6o cents to 1,344. The Nasdaq Composite lost 3 points to 2,901, coming off its highest close since December 2000.
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