Day Traders Diary
7/13/10U.S. stocks started higher on Tuesday with investor sentiment lifted by a positive debt offering out of Greece and decent results from aluminum giant Alcoa and railway operator CSX. Extending gains into a sixth consecutive session, the Dow Jones Industrial Average rose 112 points to 10,328. The S&P 500 Index rose 12 points to 1,090. The Nasdaq Composite climbed 25 points to 2,223. CSX is up 2% while Alcoa is up 1.5%. Everything looks preety good this morning. In the tech space, Intel is up 2% ahead of earnings tonight. KLA-Tencor is jumping 3% after raising their dividend. McAfee is modestly lower on a downgrade. Apple is down 3% after investors realize that yesterdays concerns raised by Consumer Reports is a bigger problem than orginally thought. The financials look good ahead of earnings later this week. Susquehanna upgraded the sector. JP Morgan is up 2% on an upgrade ahead of earnings on Thursday. Arrow Financial is up 3% after beating estimates. Citigroup is up 2% ahead of earnings on Friday and news the company is looking to spin off more assets. In the retail space, Dr Pepper Snapple is up 2% after announcing a $1 billion share buyback. Illinois Tool Works is higher on an upgrade. Urban Outfitters and AnnTaylor are lower on downgrades. After the first hour the averages inched higher with the Dow rising 143 points. The Nasdaq rose 25 points. Through the morning the averages pulled back a little only to rally to new highs. In the afternoon the averages pulled back once again only to rally in the last hour, and then pull back into the close. The Dow Jones Industrial Average finished up 146 points, or 1.4%, to close at 10,363, The S&P 500 index gained 16 points, or 1.5%, to end at 1,095, led by a 2.6% advance in financials and a 2.5% gain in the consumer discretionary sector. The Nasdaq Composite rose 43 points, or 2%, to end at 2,242.
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