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The Daily Dow SEATTLE, Wa., May 30 -- Stocks rebounded slightly today as post-holiday buyers looked for bargains after a two day slide in prices. A very Foolish comment from Alfred Goldman, VP at A.G. Edwards & Sons in St. Louis is worth repeating. Mr Goldman says "People tend to forget that we've added 375 Dow points in three weeks. We've been on a very needed pause to refresh." The market seemed to agree and the Dow Jones Industrial average closed at 5639.41, gaining a little over 19 points.
Economic news from the Commerce Department carried the day after a revised reading on the Gross Domestic Product (GDP) showed the economy grew at a annual rate of 2.3% in the first quarter, lower than the 2.8% annual estimate a month ago. The general theme from all economic news of today is that the nation is poised for stronger second quarter growth than expected.
The Foolish 4 portfolio imitated the general market trend with a modest gain of 0.63%. Our heros of the day were Chevron (CHV), gaining $3/4 on large volume and Eastman Kodak (EK), rising $1 1/8 to close at $75 3/8. No news on either of these companies to account for the gains. I would imagine EK saw some delayed buying today over the news we reported yesterday regarding EK's imaging technology partnership with software giant Microsoft.
Minnesota Mining & Manufacturing (MMM) dropped $1/8 and Dupont closed unchanged at $81 1/8. Reuter reported some ho-hum news after closing yesterday that DD and the U.S. unit of Allied Colloids (ACOL) filed legal papers alleging that the patents a company called EKA Nobel used in paper-making are invalid. Zzzzzzz. This is the kind of news that usually makes it into the Boring portfolio!
Yesterday I referenced a USA Today article on investment differences between men and women and stated we'd explore how the Foolish 4 concept can form both the easy to initiate and manage foundation of any investor's portfolio. We'll save that for tomorrow, the last day of my stint as substitute writer for vacationing MF DowMan, who is sorely missed!
Now....what time does that Sonics game start and who do I know with a big-screen TV??
Transmitted: 5/30/96
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Foolish Four Model Portfolio (5/30/96) |
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