Day Traders Diary
9/8/09
U.S. stocks on Tuesday started higher, extending gains into a third straight session, as investors and Wallstreeters comes back to work from their summer vacation. The Dow Jones Industrial Average rose 63 points to 9,504. The S&P 500 Index gained 9 points to 1,026 while the Nasdaq Composite added 19 points to 2,038. The commodities are performing great. The U.S. Dollar is dropping causing gold to jump above $1000 an ounce. Plenty of upgrades and downgrades to start the week. GE is up 5% on an upgrade from JP Morgan. IBM is unchanged after reaffirming numbers for the year. Plenty of upgrades in the tech sector. Research in Motion, Nokia, Redhat, VMware, and Seagate are all higher on upgrades. The financials are modestly higher. Metlife is up 3% on an upgrade. M&T Bank is up a percent on a favorable piece in Barrons. The retailers are quiet this morning. Costco is up 2% on an upgrade. Smithfield Foods is unchanged after reporting a quarterly loss. Yesterday, Kraft announced a surprise takeover for U.K. firm, Cadbury for $17 billion. Kraft is trading down 6% on this news. After the first half an hour, the averages gave up a big chunk of their gains. AIG is down 10% on a downgrade. It looks like the run is over for that government entity. Through the morning and into the afternoon, the averages remained in the green. Commodities are acting great. Most stocks are higher. In the last hour no sell off. Today felt a lot like every day in August. The Dow Jones Industrial Average finished up 56 points at 9,497. The S&P 500 Index added 8 points to stand at 1,025. The Nasdaq Composite rose 18 points to 2,037.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.