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Thursday, March 4, 2010

U.S. Stocks Finish Mixed: Morning Bulls Ran Out Of Steam

Early Rally Falls Apart on Health Care Concerns
For the second day in a row, the session ends with the Dow Jones Industrial Average (DJIA) slipping back to the breakeven line. Just like yesterday, the Dow spent the morning and early afternoon in positive territory but then slid as the day wore on. The S&P 500 (SPX) & Nasdaq Composite (COMP) also closed flat.
After spending time on both sides of the breakeven line, the Dow Jones Industrial Average (DJIA – 10,396.76) settled for a modest decline of 9.2 points, or 0.1%. Eighteen of the Dow's 30 components closed in the red, with Pfizer leading the way. Microsoft shares finished flat, while Cisco Systems paced the 11 advancing blue chips.

The Dow is currently pinned between support from its 10-day moving average, and the psychologically significant 10,400 level.

Unlike the Dow, the S&P 500 Index (SPX – 1,118.79) clawed its way back into the black by the close -- but the broad-market bellwether ended on a barely perceptible advance of 0.5 point.

Finally, the Nasdaq Composite (COMP – 2,280.68) split the difference by dipping ever so slightly into the red. The tech-rich COMP finished on a daily deficit of just 0.1 point.

With the flat close, the daily charts are left where they stood yesterday. The Dow Jones Industrial Average is still stuck at its recent highs.

My final advice before I pick up where I left it tomorrow >>> Don't be over entusiastic ok?
Have a nice & prosperous trading day. Bye.

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