Day Traders Diary
3/25/10U.S. stocks opened strongly higher, with information technology shares pacing the cross-sector gains, after the government reported first-time jobless claims fell for a fourth straight week. The Dow Jones Industrial Average added 65 points to 10,901. The S&P 500 Index rose 8 points to 1,175. The Nasdaq Composite climbed 18 points to 2,417. The news gets better and better. Best Buy and Lulumon are jumping over 7% after beating estimates and raising guidance. In the tech sector, Qualcomm is jump 7% after raising guidance. The chips continue to perform well. Ebay is up 3% on an upgrade. Apple and Research in Motion are higher on upgrades. Not all the techs are higher. Redhat is lower by 3% after lackluster earnings. A couple of other stocks are lower following earnings including Paychex, ConAgra, and McCormick. The financials continue to push higher. Citigroup is up 3% on news the Treasury is planning to sell their stake. The big banks all look good. In the retail space J. Crew, Molson Coors, and Nike are higher on upgrades. Starbucks is down 3% on a downgrade. After the first half an hour the Dow rose 70 points above 10900. The Nasdaq rose 18 points. So far so good. As the morning progressed the averages pushed higher, breaking out to new highs. A number of stocks are making new highs. The financials are breaking out of their range. In the afternoon the Dow jumped 110 points. The Nasdaq rose 31 points. Money managers are putting money to work. Heading into the last hour the averages gave up half their gains on Greece concerns among other things. The commodities have certainly sold off. In the last hour the averages tried to hold on to their gains. The Dow Jones Industrial Average finished up 5 points at 10,841. The S&P 500 Index fell a point to 1,165. The Nasdaq Composite Index declined a point to 2,397.
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