DJIA Bounced Back from below 10K (Home Depot, DHI, TOL, Bank of America, Pfizer, Alcoa)
DJIA on Wednesday.
(EMAILWIRE.COM, August 26, 2010 ) Dallas, Tx - Most of the US stocks indices ended higher after opening sharply lower as investors turned their interest strategy to focus on technical and overlooked the worsening economic data day after day.
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Earlier US stocks opened lower after weaker-than-expected demand for U.S. manufactured durable goods, which gained by just 0.3% in July, against expectations of a 2.8% gain, weighed by declines outside the transportation sector. Also, Sales of new homes in the United States fell to all-time record low in July, as demand from consumers has dried up after tax breaks for homebuyers expired in April, the Commerce Department estimated Wednesday.
Trading volume continued to be on light on Wednesday with just below four billion shares per day, average NYSE composite daily volume this August is on track to be the lowest for a month since May of 2008 and the lowest August since August 2006.
The Dow Jones Industrial Average gained 19.61 points, or 0.20%, to 10060.06, snapping a four-session losing streak. the Nasdaq Composite posted a much larger gain on Wednesday, rising 17.78, or 0.84%, to 2141.54 and The Standard & Poor's 500-stock index slipped 3.46 or 0.30% to 1055.33.
The most interesting part of today’s rally was that the most of buying came in the worst hit sectors recently like Homebuilders as investors are predicting that the worst is over. There were also increased buying among the Educational and Healthcare stocks.
It would be interesting to see, if today’s rally was just a technical bounce back or the real investors have started taking the long position. The markets would be watching Investors are eagerly waiting for GDP - Second Estimate to be release this Friday. Economists are now expecting the government's estimate of 2.4% economic growth for the second quarter to be reduced to a 1.3% reading.
The Home Depot, Inc. (NYSE:HD) was the biggest gainer on The DOW and climbed 2% to $28.33 following a 4% fall in the past one week.
Toll Brothers, Inc. (NYSE:TOL) was the biggest gainer among the construction sector and surged 5.81% to $17.13 after the company said it turned profitable in the third quarter.
To Subscribe to these free Stock Newsletter visit http://www.PennyStockPickAlert.com .
D.R. Horton, Inc. (NYSE:DHI) rose 4.61% to $10.43 after the stock was upgraded by Ticonderoga Securities to "buy" from "hold," citing "improvement in operating metrics that, generally speaking, far surpass competitors."
Bank of America Corporation (NYSE:BAC) closed 0.16% higher at $12.66 after falling to its 52-week low of $12.42.
Pfizer Inc. (NYSE:PFE) surged over 1% to $15.99 after falling over 1% in the morning session.
Alcoa Inc. (NYSE:AA) closed 0.50% higher at $10.11 after falling as much as 1.50% earlier in the session.
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Disclaimer:
The assembled information disseminated by PennyStockPickAlert.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. PennyStockPickAlert.com does expect that investors will buy and sell securities based on information assembled and presented in PennyStockPickAlert.com. PLEASE always do your own due diligence, and consult your financial advisor.
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Earlier US stocks opened lower after weaker-than-expected demand for U.S. manufactured durable goods, which gained by just 0.3% in July, against expectations of a 2.8% gain, weighed by declines outside the transportation sector. Also, Sales of new homes in the United States fell to all-time record low in July, as demand from consumers has dried up after tax breaks for homebuyers expired in April, the Commerce Department estimated Wednesday.
Trading volume continued to be on light on Wednesday with just below four billion shares per day, average NYSE composite daily volume this August is on track to be the lowest for a month since May of 2008 and the lowest August since August 2006.
The Dow Jones Industrial Average gained 19.61 points, or 0.20%, to 10060.06, snapping a four-session losing streak. the Nasdaq Composite posted a much larger gain on Wednesday, rising 17.78, or 0.84%, to 2141.54 and The Standard & Poor's 500-stock index slipped 3.46 or 0.30% to 1055.33.
The most interesting part of today’s rally was that the most of buying came in the worst hit sectors recently like Homebuilders as investors are predicting that the worst is over. There were also increased buying among the Educational and Healthcare stocks.
It would be interesting to see, if today’s rally was just a technical bounce back or the real investors have started taking the long position. The markets would be watching Investors are eagerly waiting for GDP - Second Estimate to be release this Friday. Economists are now expecting the government's estimate of 2.4% economic growth for the second quarter to be reduced to a 1.3% reading.
The Home Depot, Inc. (NYSE:HD) was the biggest gainer on The DOW and climbed 2% to $28.33 following a 4% fall in the past one week.
Toll Brothers, Inc. (NYSE:TOL) was the biggest gainer among the construction sector and surged 5.81% to $17.13 after the company said it turned profitable in the third quarter.
To Subscribe to these free Stock Newsletter visit http://www.PennyStockPickAlert.com .
D.R. Horton, Inc. (NYSE:DHI) rose 4.61% to $10.43 after the stock was upgraded by Ticonderoga Securities to "buy" from "hold," citing "improvement in operating metrics that, generally speaking, far surpass competitors."
Bank of America Corporation (NYSE:BAC) closed 0.16% higher at $12.66 after falling to its 52-week low of $12.42.
Pfizer Inc. (NYSE:PFE) surged over 1% to $15.99 after falling over 1% in the morning session.
Alcoa Inc. (NYSE:AA) closed 0.50% higher at $10.11 after falling as much as 1.50% earlier in the session.
ABOUT http://www.PennyStockPickAlert.com
Penny Stock Pick Alert offers stock newsletters on various hot stocks of the day. Our stock news on top stocks, small cap penny stocks and other stocks, help investors in making the wise stock market investments. Till date thousands of our subscribers have made huge gains using our daily penny stock alerts. You can become leader in stock market by keeping track of the daily activity.
Disclaimer:
The assembled information disseminated by PennyStockPickAlert.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. PennyStockPickAlert.com does expect that investors will buy and sell securities based on information assembled and presented in PennyStockPickAlert.com. PLEASE always do your own due diligence, and consult your financial advisor.
###
Press release distribution and press release services by EmailWire.Com:
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This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
PennyStockPickAlert.com
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Tel: 214-556-6798
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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