Day Traders Diary


U.S. stocks opened higher on Wednesday as investors waited to hear Federal Reserve Chairman Ben Bernanke's report to Congress. The Dow Jones Industrial Average rose 45 points to 10,327. The S&P 500 Index rose 5 points to 1,099. The Nasdaq Composite Index added 13 points to 2,227. More earnings keep coming in. In the tech sector Autodesk is jumping 8% following strong earnings. Plenty of upgrades in the tech sector including Autodesk, Juniper Networks, Marvell, Broadcom, Research in Motion, Apple, Redhat, and All are trading higher. The financials are rebounding after getting hit yesterday. Eaton Vance is up 2% following earnings. H&R Block is down 17% after missing estimates. AXA Financial is down a percent on a downgrade. Toll Brothers is lower even though they beat estimates. The retail sector is mixed this morning. TJX, Zales, and Dreamworks are higher following earnings, but Saks, Chicos, Garmin, and JM Smuckers are lower following earnings. Under Armour and Darden Restaurant are higher on upgrades. In the first half an hour the Dow jumped 70 points, however, the rally was short-lived. At 10 o'clock weak housing data and cautious comments from the Fed Chairman sent the averages lower, giving up most of the gains. Through the morning the averages battled back with the Dow jumping 80 points. The Nasdaq improved by 21 points. The banks are showing a nice rebound. In the afternoon the averages remained strong rallying into the close wiping out most of yesterday's losses. The Dow Jones Industrial Average finished up 91 points at 10,374. The S&P 500 Index rose 10 points to 1,105. The Nasdaq Composite Index gained 22 points to 2,235.

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