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US stock market daily report (September 07, 2010, Tuesday)

Contributed by Millennium Traders

By Millennium Traders

Stocks fell today as investors began to worry about European banks. Reports released today show that European banks have more risky government debt than originally reported early this year in a stress test. Investors were really concerned earlier this year with all of the problems going on in Greece, but fears were subsided after the release of the stress test. This means that banks may have to charge higher fees and it also means that these banks are going to have to raise more capital to reinforce their balance sheets. It has always been a concern that the liability of these stress tests are a little less than sound; investors will wait to hear more news from these banks to see exactly what information was and was not included in the last set of tests. It was also reported this morning by the Federal Association of German Banks that the country's 10 biggest banks might need as much as $105 billion euros in capital to meet new standards. Investors seemed to turn to safe haven investments again such as gold and U.S. treasuries and even the dollar. The yield on the 10-year Treasury note fell to 2.643% from Monday's 2.706%. Gold prices also rose in today's session, the safe haven commodity rose $8.10 taking it to $1,257.30. Also on the rise today was the Greenback; after struggling against other currencies, the dollar was on the rise versus most other currencies. The dollar has recently hit a 15- year low against the Japanese yen, so it was very uplifting to see the dollar making some gains. In other news, President Obama is set to announce his new $200 billion tax cut tomorrow. His new plan to help stimulate business growth is a $200 billion tax cut that will allow business between now and the end of 2011, to write off all new equipment investments between those times. He is also going to announce his plans for a $50 billion infrastructure package; the package would include investments in airports, highways and railroads. They say the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. It is predicted that the overall cost to taxpayers would be around $30 billion over the next 10 years. Stocks continued to fall throughout the trading session; with just under an hour left to trade the Dow was down triple digits. All three major indexes were posting losses. Trading volume remained light as we entered the short week fallowing the Labor Day weekend. Investors will continue to watch the situation in Europe, hoping the problems won't affect the global economy.

Economic data released today: N/A

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) shed 107.24 points, EOD 10,340.69
NYSE (New York Stock Exchange) shed 95.09, EOD 6,959.94
National Association of Securities Dealers Automated Quotations (NASDAQ) shed 25.03 points, EOD 2,208.72
S&P 500 (SPX) shed 12.55 points, EOD 1,091.96
BEL 20 (BEL20) shed 11.05 points, EOD 2,538.91
CAC 40 (CAC40) gain 28.39 points, EOD 3,643.81
FTSE100 (UKX100) shed 20.33 points, EOD 5,407.82
NIKKEI 225 (NIK/O) shed 75.32 points, EOD 9,226.00

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 20, declined stock prices 21, unchanged stock prices 93,138, stock prices hitting new highs 163 and stock prices hitting new lows 23. 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: MA shed 6.46, HOD 205.93, LOD 200.1, EOD 200.52; MON shed 0.45, HOD 56.42, LOD 55.20, EOD 55.34; AXP shed 1.71, HOD 41.53, LOD 40.04, EOD 40.09; CRM gain 0.17, HOD 120.45, LOD 118.85, EOD 119.80; CME shed 6.67, HOD 265.40, LOD 257.91, EOD 258.44; RTP shed 1.86, HOD 53.40, LOD 52.34, EOD 53.03; POT gain 0.99, HOD 150.19, LOD 148.15, EOD 149.49.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 608, declined stock prices 2,074, unchanged stock prices 96, stock prices hitting new highs 42 and stock prices hitting new lows 29. 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: AAPL shed 0.96, HOD 259.53, LOD 256.25, EOD 257.81; PCLN shed 2.30, HOD 315.47, LOD 311.11, EOD 311.55; SHLD shed 3.20, HOD 67.91, LOD 65.00, EOD 65.19; GENZ gain 0.52, HOD 71.01, LOD N/A, EOD 71.01.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 224, declined stock prices 267, unchanged stock prices 26, stock prices hitting new highs 27 and stock prices hitting new lows 3.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1091.25; Change -12.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,857.50; Change -9.50
E-mini DOW $5 (YM) Mar 10: EOD 10,332; Change -104
Nikkei 225 (Yen) Mar 10: EOD 9,100; Change -80

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7877 to U.S. Dollars 1.2700
Japanese Yen 83.7850 to U.S. Dollars 0.0119
British Pound 0.6505 to U.S. Dollars 1.5400
Canadian Dollar 1.0461 to U.S. Dollars 0.9544
Swiss Franc 1.0101 to U.S. Dollars 0.9899

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (October 10) shed $0.51, EOD $74.09 per barrel ($US per barrel)
Heating Oil (October 10) gain $0.01, EOD $2.07 a gallon ($US per gallon)
Natural Gas (October 10) shed $0.08, EOD $3.85 per million BTU ($US per mmbtu.)
Unleaded Gas (October 10) gain $0.01 EOD $1.93 gallon ($US per gallon)

Metals Markets - Comex:
Gold (September 10) gain $8.10, EOD $1,257.30 ($US per Troy ounce)
Silver (September 10) shed $0.03, EOD $19.88 ($US per Troy ounce)
Platinum (September 10) shed $4.80, EOD $1,556.30 ($US per Troy ounce)
Copper (September 10) shed $0.03, EOD $3.46 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (October 10) shed $1.45, EOD $75.75
Pork Bellies (February 10) gain $0.20, EOD $105.50
Live Cattle (October 10) shed $2.00, EOD $96.45
Feeder Cattle (September 10) shed $2.15, EOD $112.02

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (September 10) gain $1.75, EOD $451.50
Soybeans (September 10) unchanged, EOD $1,029.75