Day Traders Diary
9/28/09
U.S. stocks opened modestly higher on Monday, with information technology shares fronting the gains in the wake of a number of deals. The Dow Jones Industrial Average rose 49 points to 9,711. The S&P 500 Index gained 6 points to 1,050. The Nasdaq Composite added 14 points to 2,105. Another positive sign the markets are slowly improving is by the merger deals announced in the last several weeks. Today, Xerox announced a $6.4 billion deal to buy Affiliated Computer Services. Xerox is lower, but Affiliated is jumping 16%. Covidien announced a small acquisiton this morning. Agricultural firm C.F. Industries who is being courted by Agruim went on the offensive quietly acquiring a 7% stake in Terra Industries. Terra is up 3%. Rumors of Kraft raising its' bid for Cadbury has that stock modestly lower. After the first half an hour, the Dow jumped over 100 points. The Nasdaq jumped 35 points as the techs perform well. Cisco is up 4% on an upgrade. Google, Micosoft, IBM, Apple, and Amazon are performing well. Research in Motion is one of the few techs lower on disappointing earnings last week. The retail space is modestly higher. Gander Mountain is jumping 36% on news the company will go private once again. Disney is up a percent on an upgrade. Through the morning the averages remain strong with the Dow just under 9800. The techs are performing great with the Nasdaq up nearly 2%. In the afternoon, more of the same. The Dow remained up over 100 points. The Nasdaq remained up 40 points. Volume is light due to the Jewish holiday. Only a select number of stocks are trading lower like Research in Motion, IBM, and Walmart. The Dow Jones Transportation Average is up over a percent. FedEx is jumping 3% on bullish comments from their CEO indicating that freight shipping volume has bottomed. In the last hour, the averages held firm. The Dow Jones Industrial Average rose 124 points, or 1.3%, to close at 9,789. TheS&P 500 Index jumped 18 points, or 1.8%, to close at 1,062. The Nasdaq Composite climbed 39 points, or 1.9%, to close 2,130.
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