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Daily Market Commentary for March 3, 2010
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Job Loss Statistics
Newest job loss statistics came
today from payroll-processing firm Automatic Data Processing. They reported this
morning that the private sector lost 20,000 jobs in February, better than the
22,000 analysts expected. February marks the 11th straight month that job losses
fell from the month before, the service sector reported a growth of 17,000 jobs
in February, the third straight month of increases after falling for 21 months.
In the manufacturing sector, they reported growth for the first time since
January 2008, according to reports the sector grew by 3,000 jobs. The reports
also showed a revised 60,000 jobs were lost in January 2010, the numbers were
worse than the originally reported 22,000. Data reported by Challenger, Gary &
Christmas Inc. showed the number of planned layoffs at U.S. firms fell to its
lowest since July 2006, a very positive sign for the Labor market. The economy
has been plagued with high unemployment that has reached almost 10%, it has
affected consumer spending which in return has hurt retailers and is also
causing concerns that the economic recovery could be affected because of it.
Today's positive news shows that maybe the job market is on the path to
recovery, but the big picture will come in Friday's job report from the
Labor Department. Stocks rose when the news was
released, investors love to hear any good news about the current job situation.
Stocks rallied all week so it was nice to see positive economic data help
continue the rally. Commodity prices saw gains, gold rose $6.60 to $1,143.30 and
crude oil rose $1.22 to $80.90. Bond prices fell, the yield on the benchmark
10-year note rose to 3.62 from 3.60 Tuesday.
Comments from Federal Reserve Bank of Dallas President Richard Fisher:
U.S. businesses won't hire until they feel more confident; Expect low
interest rates 'for some time'; Timing of rate hikes depends on recovery's pace,
strength; U.S. in for 'long cure', economic 'wound is deep'; Fed's Fisher sees
economy 'not robust but improving'; Too-big-to-fail banks should be dismantled;
Should try to prevent asset bubbles; Slack in global economy retards prices;
Should try to prevent asset bubbles.
Comments from Philadelphia Federal Reserve president Charles Plosser:
Financial reform process taking wrong turn; Current reform efforts could
bring more bailouts; Stripping Fed of bank oversight 'unwise'; Fed well suited
as key banking regulator; Monetary policy enhanced by Fed banking role; Bank
reform need not create new bureaucracies; Makes no comment on economy, monetary
policy.
Comments from Federal Reserve Bank of Boston President Eric Rosengren:
Need to have expertise in insurers; Fed didn't have expertise in insurers;
Previous stress tests fairly successful; too big to fail firms have broadened;
`Strongly endorses' contingent capital; Fed should have main role in bank
oversight; Bank oversight role enhances rate policy potency; Supervisor power
key to addressing bubbles; Possible to ward off future asset bubbles; Fed should
pursue financial stability; Not much progress on foreclosures; Fed should have
done more scenario analysis; Not much progress on foreclosures `Cumbersome' to
create rule on write downs.
Economic data released today:
MBA [Mortgage Bankers Association] Mortgage Applications:
U.S. MBA Market Index rose 14.6% at 629.9; Last Week 549.5; U.S. MBA
Purchase Index rose 9.0% at 214.5; Last Week 196.8; U.S. MBA Refinance Index
rose 17.2% at 3,054.3; Last Week 2,605.3.
ADP Nonfarm Employment Change:
ADP February U.S. Private Sector Jobs Expected to fall 50,000; ADP Sees
February U.S. Private Sector Jobs falling 20,000.
ISM [Institute for Supply Management] Non-Manufacturing Index:
U.S. ISM February Non-Manufacturing New Orders Index 55.0 Versus January
54.7; U.S. ISM February Non-Manufacturing Prices Index 60.4 versus January 61.2;
U.S. ISM February Non-Manufacturing Employment Index 48.6 versus January 44.6;
U.S. ISM February Non-Manufacturing Business Index 54.8 versus January 52.2;
U.S. ISM February Non-Manufacturing PMI Expected 51.0; U.S. ISM February
Non-Manufacturing PMI 53.0 versus January 50.5.
Crude Oil Inventories released by DOE [Department of Energy]:
U.S. Refineries Ran at 81.9% capacity; was seen 81.20%; U.S. Refineries Ran
at 81.9% capacity versus 81.2% week ago; U.S. Distillate Stockpiles fell 0.843
Million Barrels in week; was seen decreasing by 0.7 Million Barrels; U.S.
Distillate Stockpiles fell 0.843 Million Barrels at 151.821 Million Barrels;
U.S. Gasoline Stockpiles rose 0.773 Million Barrels in week; was seen increasing
by 0.7 Million Barrels; U.S. Gasoline Stockpiles rose 0.773 Million Barrels at
231.943 Million Barrels; U.S. Crude Oil Stockpiles rose 4.034 Million Barrels in
week; was seen increasing by 1 Million Barrels; U.S. Crude Oil Stockpiles rose
4.034 Million Barrels at 341.571 Million Barrels.
Fed Beige Book:
Price pressures limited except some raw materials; Loan demand weak, loan
standards remain tight; Commercial real estate, construction weak; High-tech,
auto, metal industries strengthen; Consumer spending a bit better than last
report; U.S. labor market soft, but a few good signs seen; Richmond activity
slackened due to February storms; Nine of 12 Fed districts saw slight
improvement; U.S. economy improved a bit despite February storms.
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 9.90 points, EOD 10,396.08
NYSE (New York Stock
Exchange) gain 28.69, EOD 7,164.66
National Association of Securities Dealers Automated Quotations (NASDAQ)
shed 0.48 points, EOD 2,280.31
S&P 500 (SPX) gain 0.18 points, EOD 1,118.49
BEL 20 (BEL20) gain 33.79 points, EOD 2,592.56
CAC 40 (CAC40) gain 30.6 points, EOD 3,842.52
FTSE100 (UKX100) triple digit gain 254.99, EOD 5,533.21
NIKKEI 225 (NIK/O) gain 51.32 points, EOD 10,253.14
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 1,665 declined stock prices 1,393 unchanged stock
prices 120, stock prices hitting new highs 293 and stock prices hitting new lows
2. 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: RTP gain 6.84, HOD
222.36, LOD 216.51, EOD 219.66; AZO shed 0.17, HOD 166.27, LOD 162.57, EOD
164.57; ARD shed 3.31, HOD 34.99, LOD 31.65, EOD 31.91; FTI gain 3.06, HOD
62.15, LOD 57.49, EOD 60.61; RIG gain 1.42, HOD 83.09, LOD 81.21, EOD 82.61; MA
gain 0.34, HOD 234.49, LOD 231.00, EOD 232.15; CME shed 3.60, HOD 311.14, LOD
302.37, EOD 305.86; POT shed 0.20, HOD 117.24, LOD 114.10, EOD 115.25; CF gain
0.36, HOD 110.00, LOD 104.55, EOD 106.78; ALJ shed 0.04, HOD 7.33, LOD 7.00, EOD
7.16.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 1,435, declined stock prices 1,259, unchanged
stock prices 132, stock prices hitting new highs 194 and stock prices hitting new
lows 11. 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: MDVN shed 27.15, HOD 13.55, LOD
12.55, EOD 13.10; VISN shed 3.11, HOD 5.94, LOD 5.01, EOD 5.09; NFLX shed 1.43,
HOD 68.39, LOD 65.62, EOD 67.55; BIDU shed 1.86, HOD 518.07, LOD 512.51, EOD
517.02; JAKK shed 0.58, HOD 12.20, LOD 11.32, EOD 11.92; HSNI gain 2.03, HOD
27.34, LOD 24.57, EOD 24.73; CERN shed 0.91, HOD 84.16, LOD 82.44, EOD 82.95;
CSIQ gain 0.30, HOD 21.60, LOD 20.30, EOD 20.53; REXX gain 1.02, HOD 14.21, LOD
13.50, EOD 13.52.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 274, declined stock prices 207, unchanged stock
prices 45, stock prices hitting new highs 22 and stock prices hitting new lows
1.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1117.25; Change -0.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,850.50; Change -1.75
E-mini DOW $5 (YM) Mar 10: EOD 10,379; Change -20
E-mini S&P MidCap 400 (MF) Mar 10: EOD 757.90; Change 2.50
Nikkei 225 (Yen) Mar 10: EOD 10,240; Change 0.0
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.7302 U.S. Dollars 1.3695
Japanese Yen 88.4100 to U.S. Dollars 0.0113
British Pound 0.6623 to U.S. Dollars 1.5098
Canadian Dollar 1.0317 to U.S. Dollars 0.9693
Swiss Franc 1.0679 to U.S. Dollars 0.9364
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (April 10) gain $1.22, EOD $80.90 per barrel ($US per barrel)
Heating Oil (April 10) gain $0.04, EOD $2.09 a gallon ($US per gallon)
Natural Gas (April 10) gain $0.05, EOD $4.75 per million BTU ($US per mmbtu.)
Unleaded Gas (April 10) gain $0.05, EOD $2.25 gallon ($US per gallon)
Metals Markets - Comex:
Gold (April 10) gain $6.60, EOD $1,143.30 ($US per Troy ounce)
Silver (May 10) gain $0.25, EOD $17.31 ($US per Troy ounce)
Platinum (April 10) gain $1.50, EOD $1,577.50 ($US per Troy ounce)
Copper (May 10) gain $0.02, EOD $3.43 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 10) gain $0.95, EOD $73.40
Pork Bellies (May 10) shed $0.83, EOD $94.75
Live Cattle (April 10) gain $0.13, EOD $92.90
Feeder Cattle (April 10) gain $0.33, EOD $104.75
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (May 10) gain $4.75, EOD $386.25
Soybeans (May 10) unchanged $0.00, EOD $963.50
BOND MARKET:
2 year EOD 100 3/32, change -2/32, Yield 0.81, Yield change 0.02
5 year EOD 100 15/32, change -1/32, Yield 2.27 Yield change 0.01
10 year EOD 100, change -4/32, Yield 3.62 Yield change 0.02
30 year EOD 100 20/32, change -9/32, Yield 4.58, change 0.02
Access upcoming scheduled economic data anytime by viewing the
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Top of the page | |
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Total for Year |
Last Week |
$296,530.00 |
$11,526.00 |
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Total for Year |
Last Week |
$184,983.71 |
$7,197.50 |
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| |
Total for Year |
Last Week |
$407,600.00 |
$13,100.00 |
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| |
Total for Year |
Last Week |
$344,560.00 |
$20,460.00 |
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Total for Year |
Last Week |
$0.00 |
$0.00 |
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Stocks Trading Room Performance for July 29, 2010
Futures Trading Room Performance for July 29, 2010
Forex Trading Room Performance for July 29, 2010
Daily Swing Trades Performance for July 29, 2010
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