Day Traders Diary

8/1/12

U.S. stocks began higher Wednesday with the Federal Reserve viewed as likely to leave the door open to further stimulus when it releases its policy decision in the afternoon. The Dow Jones Industrial Average rose 50 points to 13,058. The S&P 500 index climbed 3 points to 1,383. The Nasdaq Composite advanced 11 points to 2,950. Investors are awaiting the Fed meeting this afternoon while earnings keep flooding in. In the retail space Papa Johns is jumping 8% on better than expected earnings. Rival Dominoes is higher as well. Burger King is unchanged on earnings. Hyatt Hotels and Garmin are both up 3% on earnings. Owens Corning, Dollar Thrifty, and Harley Davidson are lower on earnings. Harley is down 7%. In the tech space BMC Software, DreamWorks, and Atmel are all lower by 4% or more. The big caps like Google, Apple, and IBM look good. In the financial space Allstate is jumping 7% on earnings while rival Genworth is lower by 5%. Mastercard is down 3% on earnings. In the energy patch Pioneer Natural Resources and Phillip 66 are higher on earnings. Devon Energy is lower by 4% on earnings. The energy space in general is performing much better. Through the first hour weaker than expected manufacturing data caused the averages to pull back, but remained in the green.

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