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USA stock market daily report by Millenium Traders (May 8, 2009, Friday, 10.30 p.m. GMT)

Surprisingly, unemployment rate or job losses hit a new 26 year high and, we saw the markets move higher on the news. The release of the April unemployment data offers a glimmer of hope that employment conditions may be starting to stabilize. The number of jobs lost during April was the smallest decline seen since October jobs loss report of 380,000 jobs. Since December 2007 when the recession began, we've seen a loss of 5.7 million jobs. Sectors adding jobs include health care and the government. We saw triple digit gains at the closing bell, possibly signaling a rebound is beginning in the financial markets.

Comments from President Obama: Expects months of further job losses; Recession will be "months, even years" in unmaking; April job losses a "sobering toll".

Stress test results were release late Thursday. Ten of the nations 19 largest banks were told they will need to raise a combined total of $75 Billion in new capital. "These examinations were not tests of solvency; we knew already that all these institutions meet regulatory capital standards," said Fed Chairman Ben Bernanke on Thursday. "The results released today should provide considerable comfort to investors and the public." The worst of these banks: Bank of America (BAC) who needs to raise $34 Billion. Other banks that need to raise funds include Wells Fargo (WFC) who needs to raise $13.7 Billion; Citigroup (C) needs to raise $5.5 Billion; GMAC and General Motors (GM) need to raise $11.5 billion; Morgan Stanley (MS) needs to raise $1.8 billion; Regions Financial (RF) needs to raise $2.5 billion; SunTrust (STI) needs to raise $2.2 billion; Fifth Third (FITB) needs to raise $1.1 billion and KeyCorp (KEY) needs to raise $1.8 billion. Under the stress test rules, banks that need more capitals have a month to present regulators with a plan to raise the funds and then, they have six months to come up with the money. In October, the Treasury Department purchased $125 billion in preferred shares of the 19 banks when the financial markets were melting down. Later, the government bought billions more in preferred shares in some of the banks. The banks that need funds have the option of converting shares into common stock but, that means a conversion would make the government a big stakeholder in the banks and would dilute existing common shareholders. "Where Treasury does take common equity, we will seek to return the company to purely private ownership as quickly as possible, and will be guided by the basic principle that the best way to serve the interest of shareholders and taxpayers is to exert our influence only on core governance issues and not on day-by-day operations," Treasury Secretary Tim Geithner said.

Toyota reported today that they expect to post a loss of over $8.6 billion. "Both revenues and profits declined severely during this period," Katsuaki Watanabe, president of Toyota Motor, said in a statement. "The negative impact was a consequence of the significant deterioration in vehicle sales, particularly in the U.S. and Europe, the rapid appreciation of the yen against the U.S. dollar and the euro, and the sharp rise in raw materials."

News on Chrysler: Chrysler bankruptcy court approves process for transaction with Fiat and creation of a new Chrysler; court sets process for submission of alternative offers; Chrysler says process needs to be completed quickly; key relations with suppliers, dealers, other partners can't be preserved if process not concluded quickly; court entered order approving process for sale of substantially all of companies assets; court set May 20 as deadline bid submissions; court sets May 27 for sale hearing; court sets May 26 deadline for designation of lead bidder; talks With GM, others haven't provided alternative to Fiat Deal.

Economic data released today:

Employment Situation:
U.S. April Nonfarm Payrolls fell 539K compared to consensus of a drop by 610K; U.S. April Unemployment Rate 8.9% inline with consensus 8.9%; U.S. April Average Hourly Earnings increased by $0.01 to $18.51; U.S. April Manufacturing Payrolls fell 149K; U.S. April Service Producing Payrolls lower by 269K; U.S. April Overall Workweek no change in hours to 33.2 Hours; U.S. March Payrolls Revised to a drop by 699K from a drop by 663K; U.S. March Unemployment Left Unrevised at 8.5%; U.S. Unemployment Rate Highest Since Sept 1983; U.S. Government Payrolls up 72K mainly due to Census hiring.

Wholesale Trade:
U.S. March Wholesale Inventories down 1.6% compared to expectations of a drop by 1.2%.

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 trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit gain 164.80 points, EOD 8,574.65
NYSE (New York Stock Exchange) triple digit gain 200.30 points, EOD 6,000.39
National Association of Securities Dealers Automated Quotations (NASDAQ) gain 22.76 points, EOD 1,739
S&P 500 (SPX) gain 21.84 points, EOD 929.23
BEL 20 (BEL20) gain 52.69 points, EOD 2,126.23
CAC 40 (CAC40) gain 61.07 points, EOD 3,3120.59
FTSE100 (UKX100) gain 63.41 points, EOD 4,462.09
NIKKEI 225 (NIK/O) gain 47.13 points, EOD 9,432.83

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 2,333, declined stock prices 364, unchanged stock prices 485, stock prices hitting new highs 11 and stock prices hitting new lows 11. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: MS: gain 1.06 points, HOD $28.20, LOD $24.73, EOD $28.20; INT: gain 3.12 points, HOD $43, LOD $38, EOD $41.90; GS: gain 5.86 points, HOD $139.59, LOD $133.15, EOD $139.59; COF: gain 4.89 points, HOD $31.80, LOD $25.96, EOD $31.34; RIG: gain 2.52 points, HOD $76.15, LOD $73.38, EOD $75.43; CME: gain 13.38 points, HOD $249.08, LOD $236.85, EOD $248.35; PCR: gain 4.78 points, HOD $23.77, LOD $20.59, EOD $23.70; ALL: shed 1.48 points, HOD $26.91, LOD $24.10, EOD $26.12; ICE: gain 2.12 points, HOD $98.39, LOD $95.50, EOD $97.28.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 2,116, declined stock prices 705 unchanged stock prices 105, stock prices hitting new highs 29 and stock prices hitting new lows 8. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: THOR: gain 0.50 points, HOD $31.20, LOD $29.93, EOD $30.09; LMNX: shed 1.46 points, HOD $15.75, LOD $14.32, EOD $15.63; BIDU: shed 1.00 point, HOD $251.99, LOD $237.63, EOD $246; FSLR: shed 5.05 points, HOD $199, LOD $187, EOD $190; KSWS: shed 0.70 points, HOD $9.37, LOD $8.64, EOD $8.91; LEAP: gain 3.54 points, HOD $38.90, LOD $35.81, EOD $38.49.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 364, declined stock prices 158, unchanged stock prices 83, stock prices hitting new highs 5 and stock prices hitting new lows n/a.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) June 09: EOD 924.50; Change -0.25
E-mini NASDAQ-100 (NQ) June 09: EOD 1,388.25; Change -1.25
E-mini DOW $5 (YM) June 09: EOD 8,514; Change -2
E-mini S&P MidCap 400 (MF) June 09: EOD 583.50; Change 0.20
Nikkei 225 (Yen) June 09; EOD 9,510; Change -5

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7335 to U.S. Dollars 1.3634
Japanese Yen 98.45 to U.S. Dollars 0.0102
British Pound 0.6565 to U.S. Dollars 1.5232
Canadian Dollar 1.1496 to U.S. Dollars 0.8699
Swiss Franc 1.1057 to U.S. Dollars 0.9044

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (June 09) gain $1.92, EOD $58.63 per barrel ($US per barrel)
Heating Oil (June 09) gain $0.03, EOD $1.52 a gallon ($US per gallon)
Natural Gas (June 09) gain $0.23, EOD $4.31 per million BTU ($US per mmbtu.)
Unleaded Gas (May 09) gain $0.04, EOD $1.71 a gallon ($US per gallon)

Metals Markets - Comex:
Gold (June 09) shed $0.60, EOD $914.90 ($US per Troy ounce)
Silver (July 09) shed $0.32, EOD $13.96 ($US per Troy ounce)
Platinum (July 09) shed $14.20, EOD $1,147.10 ($US per Troy ounce)
Copper (July 09) shed $0.02, EOD $2.15 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (June 09) gain 1.43, EOD 68.20
Pork Bellies (July 09) gain 1.60, EOD 80
Live Cattle (June 09) gain 0.95, EOD 82.98
Feeder Cattle (August 09) gain 1.58, EOD 100.70

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (July 09) gain 9, EOD 421
Soybeans (July 09) gain 9.50, EOD 1,111.50

BOND MARKET:

2 year EOD 99 25/32, change 1/32, Yield 0.97, Yield change -0.03
5 year EOD 98 24/32, change 5/32, Yield 2.14, Yield change -0.03
10 year EOD 98 19/32, change 12/32, Yield 3.28, Yield change -0.05
30 year EOD 99 20/32, change 8 41664/32, Yield  4.27, change -0.03