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US stock market daily report (March 06, 2013, Wednesday)

Contributed by Millennium Traders

A new venture called Nasdaq Private Market, a San Francisco-based venture scheduled to launch later this year, pending regulatory approval between Nasdaq OMX Group Inc. (NDAQ) and SharesPost's Inc., will enable buying and selling of private company shares while also providing access to liquidity for early investors, founders and employees. Nasdaq exchange market and operations skills with SharesPost's online platform will help connect investors with late-stage venture-backed companies and their shareholders. The joint venture will establish a marketplace for private-growth companies, will provide private companies additional flexibility as they plan for their future and give the investment community unique opportunities. Nasdaq executive Bruce Aust said, "By combining our resources, expertise and reach with SharesPost's established technology, we will bring scale, efficiency and transparency to this marketplace." Nasdaq will retain a majority stake of the venture and Greg Brogger, SharesPost's founder and president, will become president.

The 'fear index', CBOE Volatility Index or VIX - launched in 1993 to track the volatility of the U.S. stock market - is known for capturing nervous reaction or a calm toward the markets, felt by investors and traders. The VIX is one of the most widely quoted market terms around the world. Well London will be getting their own 'fear index', the IVI, which stands for 'implied volatility index'. The IVI will track the volatility of stocks in the FTSE-100 and will also capture the nervous reaction or a calm to the markets, felt by investors and traders across the pond.

Fed Beige Book released on Wednesday indicates government fiscal and health-care policies are holding back private spending and hiring. Per details in the Beige Book report, the government is getting in the way of sustainable economic growth. The Fed cited fiscal policy and higher gasoline prices are having a negative effect on consumer sales. Retail sales slowed in several of the Fed's 12 district banks through late February. Ten of the Fed's 12 districts reported gradual growth through late February, while the Boston and Chicago Fed banks said that activity grew at a slow pace. Unknown effects from the Affordable Care Act is reportedly a reason for planned layoffs and a reluctance to hire more staff in several districts. Overall, the Fed survey found economic activity expanded at the same "modest to moderate pace" reported in the prior survey released in mid-January.

Automatic Data Processing Inc, payrolls processor reported Wednesday that January saw an increase of 215,000 private jobs, compared with previous estimate of 192,000. During February the economy gained 198,000 private jobs.

U.S. Commerce Department announced on Wednesday that orders for goods produced in U.S. factories fell 2.0% in January and excluding transportation, orders climbed 1.3%. Fewer aircraft orders is a large reason for the drop. Durable goods orders fell by 4.9% in January. Non-durable goods orders rose 0.6% - for items such as food and clothing. Factory goods shipments in January fell by 0.2%.