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USA stock market daily report by Millenium Traders (October 2, 2008, Thursday, 10.30 p.m. GMT) 2 October 2008 Source: www.millennium-traders.com
Markets had no desire to move in much of any direction today, other than down. Trading volume was very light once again today. Worrisome economic data released this morning washed away any potential positive attitude which may have developed from the Senate approving the Rescue Plan. We now await the decision of the House of Representatives likely sometime on Friday. Prior to the release of the economic data, during the pre-market trading session, futures were in negative territory indicating that markets were headed for a trading session potentially controlled by the Bears. For those of you who have not already read the terms of the Rescue Plan, you may access the Congressional Bailout Bill by clicking on the following link. http://money.cnn.com/2008/10/01/news/pdf/index.htm We must warn our readers that contents of the Bill can be daunting to the reader as it includes extensive details that have nothing to do with the crisis we are facing. We find it strangely amusing that, even though Congressional Leaders presented the fact of extreme urgency to move forward with the $700 Billion Bail Out, they found or created the time to add all the additional so called 'sweeteners' to the Bail Out Plan. Not that we are opposed to the additions, we merely are saying that when one is faced with a real sense of urgency, details on non-related issues would be ignored with time focused on the urgent problem. Read it for yourself if you have not done so already. The Securities and Exchange Commission extended a temporary emergency action to prohibit short-selling in financial company stocks. Regulators said the ban on short-selling which was set to expire on Thursday, would remain in place to give Congress time to work on a financial rescue package but, will not run beyond 11:59 p.m. Eastern time on Friday, October 17.The short-selling ban in financial company stocks could end sooner if lawmakers act swiftly: The S.E.C. called for the ban to end on the third business day after Congress enacts the legislation of the Rescue Plan Bill. Economic data released today: Jobless Claims: U.S. Jobless Claims increased by 1K to 497K for week of September 27 compared to survey of a drop by 18K; U.S. Continuing Claims for week of September 20 increased by 48K to 3,591,000; U.S. Jobless Claims for week of September 20 Revised to 496K from 493K; Labor Department stated that Hurricanes Ike as well as Gustav that they added 45K to unadjusted claims; U.S. Jobless Claims were highest since September 2001. Factory Orders: US Factory Orders fell by 4.0 percent in August compared to consensus of a drop by 3.0 percent; August Factory Orders, Excluding Transportation fell by 3.3 percent; August Factory Orders, Excluding Defense fell 4.2 percent. At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the session on the world market as well as the emerging markets including the stock market closing bell price: DOW (Dow Jones Industrial Average) triple digit loss of 348.22 points on the day to end the trading session at 10,482.85 NYSE (New York Stock Exchange) triple digit loss of 364.24 points to end the trading session at 7,155.71 National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 92.68 points to end the trading session at 1,976.72 S&P 500 loss of 46.78 points to end the trading session at 1,114.28 FTSE All-World excluding U.S. loss of 6.62 points to end the trading session at 186.68 FTSE RAFI 1000 triple digit loss of 177.25 points to end the trading session at 4,467.42 BEL 20 (BEL20) gain of 24.6 points to end the trading session at 2,741.08 CAC 40 (CAC40) loss of 91.26 points to end the trading session at 3,963.28 FTSE100 (UKX100) loss of 89.25 points to end the trading session at 4,870.34 NIKKEI 225 (NIK/O) triple digit loss of 213.5 points to end the trading session at 11,154.76 |
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