Day Traders Diary
12/8/10
U.S. stocks sputtered Wednesday, with Wall Street opening in an indecisive fashion as investors gauged the impact of rising Treasury yields and a strengthening dollar. The Dow Jones Industrial Average declined a quarter of a point to 11358. The S&P 500 Index rose 2 points to 1226. The Nasdaq Composite gained 9 points to 2,608. The US dollar is up and the commodities are struggling. The techs are mixed. Apple, Salesforce.com, and Redhat are higher on upgrades. Research in Motion is lower on a downgrade. The financials are modestly higher which is nice. Mastercard is experiencing trouble due to hackers. GE is modestly higher on an upgrade. The insurance stocks are performing well this morning. H&R Block is down 7% following earnings. In the retail space Home Depot is modestly higher after reaffirming guidance. Fortune Brands is modestly higher on rumors the firm will split into three companies. Costco is modestly lower even though they beat estimates. Callaway and Netflix are lower on downgrades. Mens Warehouse is down 14% following disappointing earnings. The retailers are under pressure and seem to be consolidating recent gains. After the first hour the Dow declined 16 points. The Nasdaq is holding onto modest gains. The financials are trying to hold on to gains. Two Chinese IPOs are performing well this morning. The commodities remain under pressure. In the afternoon the averages slowly improved with the Dow moving into the green thanks to the financials. Goldman Sachs is up 2.5%. Bank of America is up 3.6%. Wells Fargo is up 3% as well. The insurance stocks are also performing well. In the last hour all the major averages moved into the green moving heading into the close. The Dow Jones Industrial Average rose 13 points to end at 11,372, lifted by shares of Bank of America. The S&P 500 index rose 4 points to 1,228. The Nasdaq Composite gained 10 points to 2,609.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.