Day Traders Diary
8/27/09
U.S. stocks declined on the open following a government reported that the recession eased in the second quarter, but fell for a fourth consecutive quarter for the first time since the Great Depression. The Dow Jones Industrial Average slid 3 points to 9,523. Boeing is bucking the trend up 8% as the production of their dreamliner 787 is back on track. The S&P 500 fell fractionally to 1,026, while Nasdaq dipped a point to 1,636. Plenty of news in the retail sector. Guess is up 4% on better than expected earnings. American Eagle is unchanged on in line earnings. William Sonoma, Guess, and Bed Bath & Beyond are higher on upgrades. A few financials are trading higher. Toronto Dominion is up 3% on better than expected earnings. Citigroup is modestly higher on news hedge fund manager, Paulson has acquired a 2% stake in the banking giant. The rest of the financials are modestly lower. Toll Brothers is down 2% on a bigger than expected loss. After the first half an hour, the averages pushed lower. The Dow dropped 70 points. The Nasdaq declined 30 points. Volume remains light. Through the morning the averages slowly recovered. During the lunch hour, the averages snuck into the green. The financials are perking up. Citigroup is now up 8%, but AIG is up 24%. Wow, what a move. Through the afternoon, the averages crept higher. In the last hour, the averages held their gains. Resilient market. The Dow Jones Industrial Average finished up 37 points at 9,580. The S&P 500 Index gained 2 points to stand at 1,030, while the Nasdaq Composite added 3 points to close at 2,027.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.