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US stock market daily report (September 08, 2010, Wednesday)

Contributed by Millennium Traders

By Millennium Traders

Yesterday's global news caused stocks to fall but, investors focused their attention towards the U.S. economy. As good things were reported around the globe today, investors were able to put that concern in the back of their minds and allow stocks to rally. Yesterday it was reported that debt European banks carry was higher than originally reported in stress tests performed earlier in the year. At an auction today, there was a really high demand for Portugal's debt. The news helped push European markets higher along with U.S. markets. There was also news on the yen from Japan today. This morning Japanese finance minister Yoshihiko Noda gave a speech on foreign exchange. Noda said that currency intervention could now be possible; the yen has reached a 15 year high versus the dollar. He also acknowledged that the yen could hurt their exports and also heighten the risk of deflation. The Bank of Japan has hinted that it may now be willing to ease monetary policy in order to help the economy; there will be a vote on September 14th. In other global news; The Bank of Canada announced today it increased its key interest rate by a quarter point to 1%. This marks the third consecutive rise in interest rates. With Canada recovering almost all jobs lost in the recession; they said "borrowing conditions remain exceptionally stimulative". Canada was one of the countries affected the least by the financial meltdown; their housing market remains intact and they believe that there is no longer any need for historically low interest rates in the country. Stocks continued to rise throughout the morning into the afternoon. Investors were anxiously waiting for several economic reports and also the highly anticipated announcement from President Obama on his $250 billion jobs recovery plan. Stocks fell off of their highs of the morning but still remained in the positive after President Obama's speech. Obama ruled out extending President Bush's tax cuts, saying, "This isn't to punish folks who are better off -- it's because we can't afford the $700 billion price tag." With less than an hour left in the trading day, the Dow was up over 50 points. Commodity prices were on the rise, except for gold, the safe haven fell $1.70; the dollar also rose against the yen, but fell versus the euro and pound.

Economic data released today:

MBA Mortgage Applications:
U.S. MBA Market Index fell 1.5% at 880.0; Last Week 893.8; U.S. MBA Purchase Index rose 6.3% at 184.5; Last Week 173.6; U.S. MBA Refinance Index fell 3.1% at 4,926.5; Last Week 5,085.3.

Fed Beige Book:
Price, Wage Pressures Remain Limited; Loan Demand Weak, but Credit Quality Improving a Bit; Home Sales, Construction Hit by End of Tax Credit; U.S. Consumer Spending Appears to Rise on Balance; U.S. Economy Growth Shows Widespread Signs of Slowing.

Consumer Credit:
U.S. July Consumer Credit Decreased $3.6B; June Consumer Credit Revised to Down $1.0B from Down $1.3B.

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) gain 47.23 points, EOD 10,387.92
NYSE (New York Stock Exchange) gain 34.41, EOD 6,995.35
National Association of Securities Dealers Automated Quotations (NASDAQ) gain 18.09 points, EOD 2,226.98
S&P 500 (SPX) gain 6.33 points, EOD 1,098.17
BEL 20 (BEL20) gain 17.09 points, EOD 2,556.00
CAC 40 (CAC40) gain 33.4 points, EOD 3,677.21
FTSE100 (UKX100) gain 21.92 points, EOD 5,429.74
NIKKEI 225 (NIK/O) shed 201.4 points, EOD 9,024.60

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 2,053, declined stock prices 1,004, unchanged stock prices 106, stock prices hitting new highs 227 and stock prices hitting new lows 14. 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 5.65, HOD 201.70, LOD 194.87, EOD 194.87; V shed 2.99, HOD 70.67, LOD 68.30, EOD 68.51; RIG gain 0.66, HOD 54.44, LOD 53.12, EOD 53.71; EOG gain 1.51, HOD 90.63, LOD 88.72, EOD 90.22; TLB shed 0.20, HOD 11.28, LOD 9.95, EOD 10.91.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,738, declined stock prices 897, unchanged stock prices 142, stock prices hitting new highs 72 and stock prices hitting new lows 42. 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 gain 4.96, HOD 264.39, LOD 259.10, EOD 262.77; SLAB shed 2.90, HOD 36.34, LOD 34.18, EOD 35.58; PCLN gain 16.50, HOD 328.35, LOD 314.07, EOD 328.05; ANGO shed 1.24, HOD 14.33, LOD 13.71, EOD 13.99.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 290, declined stock prices 197, unchanged stock prices 36, stock prices hitting new highs 29 and stock prices hitting new lows 4.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1097.75; Change 6.50
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,879.50; Change 22.00
E-mini DOW $5 (YM) Mar 10: EOD 10,374; Change 36
Nikkei 225 (Yen) Mar 10: EOD 9,110; Change 15

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7865 to U.S. Dollars 1.2700
Japanese Yen 83.9450 to U.S. Dollars 0.0119
British Pound 0.6463 to U.S. Dollars 1.5500
Canadian Dollar 1.0368 to U.S. Dollars 0.9642
Swiss Franc 1.0121 to U.S. Dollars 0.9880

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (October 10) gain $0.58, EOD $74.67 per barrel ($US per barrel)
Heating Oil (October 10) gain $0.00, EOD $2.08 a gallon ($US per gallon)
Natural Gas (October 10) shed $0.03, EOD $3.81 per million BTU ($US per mmbtu.)
Unleaded Gas (October 10) gain $0.00 EOD $1.91 gallon ($US per gallon)

Metals Markets - Comex:
Gold (September 10) shed $4.00, EOD $1,255.60 ($US per Troy ounce)
Silver (September 10) gain $0.09, EOD $19.98 ($US per Troy ounce)
Platinum (September 10) gain $5.90, EOD $1,562.20 ($US per Troy ounce)
Copper (September 10) gain $0.02, EOD $3.49 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (October 10) gain $0.70, EOD $76.30
Pork Bellies (February 10) gain $0.10, EOD $105.60
Live Cattle (October 10) gain $0.90, EOD $97.25
Feeder Cattle (September 10) gain $0.17, EOD $112.10

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (September 10) shed $4.00, EOD $447.50
Soybeans (September 10) shed $2.50, EOD $1,041.25