Obama
Obama announced his $3.8 trillion budget
for 2011 today. In Obama's new budget he wants to focus most of his attention
towards job creation, the unemployment rate is at 10% and over the past two
years 7.2 million jobs were lost. President Obama is proposing tax cuts and
incentives from small business to raise wages or hire new employees, according
to the new budget plan the tax cut incentive would cost $30 billion. The budget
would make permanent tax cuts passed during the Bush administration for all
except high-income households making over $250,000 a year. Other things that
would be included in the 2011 budget would be maintenance on bridges and roads
and investment in green technology. A one-year extension of Making Work Pay, it
was part of last year's stimulus package that gave over 100 million families a
bigger paycheck, the program will cost $22 billion. In regards to better
security, the government plans on spending $734 million on 1,000 full body
scanners to be installed at airports and new baggage screening equipment to
detect explosives. All of this spending may help boost job creation but it comes
with a hefty price tag; new projects will increase the current budget by 5.7%
and give us a trillion-plus deficit for the next three years. Obama expects that
deficits from 2011 to 2020 will add $8.5 trillion to the national debt; Obama
however, is able to save $1.2 trillion due to eliminating tax cuts put in place
by the Bush Administration in 2001 and 2003 for families making over $250,000 a
year. Congress has to pass the budget, this process will take several months
before it is approved if approved, congressional hearings start Tuesday.
Exxon Mobil reported profit that beat analysts' expectations, the oil company
made a profit of $6.05 billion or $1.27 per share, although profits were still
down about 18% from the fourth-quarter in 2008, Exxon was still happy to see the
results they received. On Monday, Toyota announced that they plan on fixing
millions of vehicles recalled, the company will replace all defected gas pedals,
2.3 million were recalled. Stocks rallied today thanks to better- than-expected
economic data released, the Dow Jones Industrial was up almost triple digits
mid-day trading. Bond prices fell, the yield on the benchmark 10-year note rose
to 3.65 from 3.60 Friday, commodity prices rallied; gold rose $21.20 to
$1,105.00, crude oil rose $1.74 to $74.63.
Economic data released today:
Core PCE Price Index:
December PCE Core Price Index rose 0.1% Rate on Month; rose 1.5% on Year;
December PCE Price Index rose 0.1% Rate on Month; rose 2.1% on Year.
Personal Income/Spending:
U.S. Personal Income rose 0.4% in December; Compared to Consensus of an
increase by 0.3%; U.S. Personal Spending rose 0.2% in December; Compared to
Consensus of an increase by 0.3%; November Personal Income Revised to rise 0.5%
from an increase by 0.4%; November Spending Revised to rise 0.7% from an
increase by 0.5%.
ISM Manufacturing Index:
U.S. ISM January Manufacturing PMI 58.4 versus December 54.9; U.S. ISM
January Manufacturing PMI Expected 55.3; U.S. ISM January Prices Index 70.0
versus December 61.5; U.S. ISM January Employment Index 53.3 versus December
50.2; U.S. ISM January New Orders Index 65.9 versus December 64.8; U.S. ISM
January Production Index 66.2 versus December 59.7; U.S. ISM January Inventories
Index 46.5 versus December 43.0.
Construction Spending:
November Construction Spending Revised to fall 1.2% from a decrease by 0.6%;
U.S. Construction Spending fell 1.2% in December; Compared to Consensus of a
decrease by 0.7%.
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 120.02 points, EOD 10,187.34
NYSE (New York Stock
Exchange) triple digit gain 124.45, EOD 7,008.23
National Association of Securities Dealers Automated Quotations (NASDAQ)
gain 22.7 points, EOD 2,170.05
S&P 500 (SPX) gain 15.16 points, EOD 1,089.03
BEL 20 (BEL20) gain 32.51 points, EOD 2,537.71
CAC 40 (CAC40) gain 22.55 points, EOD 3,762.01
FTSE100 (UKX100) gain 58.89 points, EOD 5,247.41
NIKKEI 225 (NIK/O) gain 6.98 points, EOD 10,205.02
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 2,447 declined stock prices 675, unchanged stock
prices 80, stock prices hitting new highs 55 and stock prices hitting new lows
15. 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: CAT gain 0.70, HOD
53.50, LOD 52.50, EOD 52.94; AMG gain 3.55, HOD 65.19, LOD 60.66, EOD 64.12; HUM
gain 0.09, HOD 50.37, LOD 46.18, EOD 48.71; FAS gain 3.01, HOD 73.00, LOD 70.54,
EOD 72.42; CME gain 4.40, HOD 292.65, LOD 283.53, EOD 291.22; GS gain 4.41, HOD
155.25, LOD 149.21, EOD 153.13; EOG gain 5.13, HOD 95.66, LOD 91.25, EOD 95.55;
HAE shed 3.42, HOD 56.08, LOD 52.40, EOD 53.19; LZ shed 0.76, HOD 73.13, LOD
68.86, EOD 72.93.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 1,731, declined stock prices 1,000, unchanged
stock prices 110, stock prices hitting new highs 36 and stock prices hitting new
lows 20. 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: CRNT gain 1.21, HOD 13.05, LOD 12.23,
EOD 13.00; CYOU shed 0.92, HOD 33.27, LOD 30.60, EOD 32.67; SOHU shed 0.13, HOD
50.79, LOD 46.62, EOD 50.22; BIDU gain 13.97, HOD 429.79, LOD 416.81, EOD
425.68; AMZN shed 6.54, HOD 124.86, LOD 113.82, EOD 118.87; FSLR gain 4.19, HOD
119.84, LOD 114.25, EOD 117.49; AAPL gain 2.67, HOD 196.00, LOD 191.30, EOD
194.73; PCLN gain 8.85, HOD 204.53, LOD 192.72, EOD 204.20; IDXX shed 2.56, HOD
53.30, LOD 49.03, EOD 49.93.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 318, declined stock prices 189, unchanged stock
prices 33, stock prices hitting new highs 11 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 1084.25; Change 13.75
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,755.25; Change 16.00
E-mini DOW $5 (YM) Mar 10: EOD 10,127; Change 110
E-mini S&P MidCap 400 (MF) Mar 10: EOD 710.60; Change 9.30
Nikkei 225 (Yen) Mar 10: EOD 10,285; Change 80
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.7179 U.S. Dollars 1.3930
Japanese Yen 90.6400 to U.S. Dollars 0.0110
British Pound 0.6266 to U.S. Dollars 1.5959
Canadian Dollar 1.0622 to U.S. Dollars 0.9414
Swiss Franc 1.0557 to U.S. Dollars 0.9472
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (March 10) gain $1.88, EOD $74.77 per barrel ($US per barrel)
Heating Oil (March 10) gain $0.04, EOD $1.95 a gallon ($US per gallon)
Natural Gas (March 10) gain $0.28 EOD $5.41 per million BTU ($US per mmbtu.)
Unleaded Gas (March 10) gain $0.02 EOD $1.93 gallon ($US per gallon)
Metals Markets - Comex:
Gold (March 10) gain $21.50, EOD $1,105.30 ($US per Troy ounce)
Silver (March 10) gain $0.46, EOD $16.65 ($US per Troy ounce)
Platinum (April 10) gain $44.40, EOD $1,550.40 ($US per Troy ounce)
Copper (March 10) gain $0.04, EOD $3.09 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 10) shed $2.45, EOD $68.60
Pork Bellies (May 10) shed $2.60, EOD $79.40
Live Cattle (April 10) shed $0.68, EOD $88.70
Feeder Cattle (March 10) shed $1.15, EOD $97.73
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (March 10) gain $2.50, EOD $359.00
Soybeans (March 10) shed $4.25, EOD $909.75
BOND MARKET:
2 year EOD 100 1/32, change -3/32, Yield 0.85, Yield change 0.04
5 year EOD 99 13/32, change -8/32, Yield 2.37 Yield change 0.05
10 year EOD 97 23/32, change -18/32, Yield 3.65 Yield change 0.07
30 year EOD 97, change -1 4/32, Yield 4.56, change 0.08
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