Day Traders Diary
7/21/10U.S. stocks surged Thursday in cheering quarterly results from corporations including Caterpillar, 3M, and UPS. The Dow Jones Industrial Average rose 206 points to 10,327. The S&P 500 gained 24 points to 1,094. The Nasdaq Composite gained 53 points to 2,240. The economic data out this morning was not flattering, but investors don't seem mind. It's a skitsofrantic market with 200 point swings in the Dow over the last three days. The earnings keep coming in better than expected. Caterpillar, 3M, and UPS are also raising guidance for the rest of the year. Other companies trading higher following earnings include Nucor, Union Pacific, Janus, Jetblue, Bristol Myers, AT&T, Xerox, Philip Morris, Suntrust, PNC, Eli Lilly, KeyCorp, Nokia, Tyco Electronics, Continential, Huntington Bancorp, and AutoNation. Not many stocks are trading lower following earnings which is a good sign. Diamond Offshore, Sherwin Williams, BB&T, Hershey, and Travelers are lower after earnings. Travelers is the only Dow component trading lower. After the first hour the averages remain strong near the highs of the day. Who saw this rally coming after yesterdays debacle?
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