Day Traders Diary
8/26/09
U.S. stocks dipped at Wednesday's start, with energy shares weighing on the broad market. Better than expected durable good sales did little to stimulate the markets. The Dow Jones Industrial Average fell 12 points to 9,526. The S&P 500 declined 2 points to 1,025, while the Nasdaq Composite shed a point to 2,022. A quiet start to the day. Very little news this morning. On the earnings front, William Sonoma is jumping 13% on better than expected earnings. DSW and Dollar Tree are both up over 6% after beating estimates. At 10 o'clock better than expected home sales numbers brought the averages back, moving into the green. The financials and home builder stocks all rebounded. Northern Trust and Bank of New York are lower after having their numbers cut at JP Morgan. The Dallas Fed official declared the Great Recession is over, but expected no major economic rebound for the forseeable future. Through the morning the averages gave up the gains, but no major sell off. In the afternoon, like the last three days, the averages drifted lower. But in the last hour the averages held in there. Resilient market. The Dow Jones Industrial Average finished up 4 points at 9,543. The S&P 500 Index maintained a fractional gain to stand at 1,028, while the Nasdaq Composite rose less than a point to close at 2,024.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.