Tight trading ranges created an almost dismal atmosphere for day traders and investors today amidst moderate trading volume. The Bulls had the markets by the reins for the second day in a row, so far this week. A tendency to move in a whip like motion, made trading somewhat treacherous today and at the close, here is how the major indices rapped up the session: the DOW (Dow Jones Industrial Average) moved higher by 47.75 points to close at 12331.60; the NYSE (New York Stock Exchange) gained 45.90 points to close at 9064,93; the NASDAQ climbed higher by a mere 3.99 points to end the day at 2452.38; the S&P 500 (Standard & Poor’s 500 Index) gained 5.64 points to end at 1414.76 and the RUSSELL 2000 tacked on 1.57 points to end at 797.42. The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the worlds investable market capitalization) moved higher by 1.16 to close at 236.25 and the FTSE RAFI 1000 moved higher by 23.23 points to close at 5874.69.
Economic data released for the day:
Challenger Job-Cut Report: Corporate layoffs comprised in a monthly, not seasonally adjusted report which indicates a trend in the labor market. For November, announced layoffs came in at 76,773.
ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. For week of December 2nd, store sales week over week change came in at a drop by 2.6% and store sales year over year came in at 3.1%.
Productivity and Costs: A measure of labor efficiency in producing the economy’s goods and services. Labor costs are determined by unit costs of producing each unit of output. Productivity and Costs are indicators of future inflationary trends. U.S. third quarter Unit Labor Costs Consensus was an increase by 3.2%; third quarter Unit Labor Costs revised to an increase by 2.3% from an increase by 3.8%; third quarter Non-Farm Productivity Consensus was an increase by 0.5% and third quarter Non-Farm Productivity was revised to an increase by 0.2% from unchanged.
Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters.
Factory Orders: Dollar level of new Factory Orders for both durable and non-durable goods. September Factory Orders were revised to an increase of 1.7% from a rise by 2.1%; October Durable Goods were revised to a drop of 8.2% from a drop by 8.3%; October Factory Orders, excluding Defense fell by 3.6%; October Factory Orders, excluding Transportation fell by a drop of 0.8% and U.S. Factory Orders fell by 4.7% in October compared to consensus of a drop by 4.5%.
ISM Non-Manufacturing Survey: Compiled from approximately 400 non-manufacturing firms from 60 sectors across the United States. Included in the survey are retail trade, construction, agriculture, mining, transportation, wholesale trade and communications. ISM November Non-Manufacturing Business Index came in at 58.9 versus October reading of 57.1; ISM November Non-Manufacturing New Orders Index came in at 57.1 versus October reading of 56.5; ISM November Non-Manufacturing Prices Index came in at 55.6 versus October reading of 51.9 and ISM November Non-Manufacturing Employment Index came in at 51.6 versus October reading of 51.0.
On the commodities markets, the trend was lower across the board today: Light crude moved lower by $0.01 to close at $62.43 a barrel; Brent Crude remained at $59.46 a barrel; Heating Oil moved lower by $0.01 to close at $1.80 a gallon; Natural Gas moved lower by $0.10 to end the day at $7.72 per million BTU and Unleaded Gas closed lower by $0.03 at $1.64 a gallon.
Metals ended the session mostly lower across the board today: Gold moved lower by $3.00 to close at $647.90 an ounce; Silver closed lower by $0.22 at $14.03 an ounce; Platinum moved strongly lower by $26.30 to close at $1,133.70 an ounce and Copper ended the day higher by $0.07 to close at $3.25 per pound.
On the Livestock and Meat markets, the trend was higher across the board today: Lean Hogs moved higher by 1.08 to close at 63.93; Pork Bellies closed higher by 0.68 for second day in a row to end the day at 91.98; Live Cattle closed higher by 1.45 to end the day at 89.58 and Feeder Cattle ended the day higher by 0.93 to close at 98.20.
Other Commodities: Corn moved higher by 2.50 today to close at 378.00 and Soybeans moved higher by 5.00 to close at 664.25.
Bonds were mostly lower across the board today: 2 year Bond closed with no change at 100 6/32; 5 year bond moved lower by 2/32 to close at 100 14/32; 10 year bond moved higher by 5/32 to end the day at 101 13/32 and the 30 year bond closed higher by 16/32 at 98 25/32.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 2,754,994. Open Interest for Futures fell lower by 218,920 to close at 8,796,173 and the Open Interest for Options moved higher by 49,762 to close at 5,928,813 for a total Open Interest of 14,724,986 for a total loss on the day by 169,158. The mini Dow ended the session with a loss of 1 to close at 12296. The total Dow Exchange Volume for the day came in at 187,797 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
New York Stock Exchange movers for the day: Rio Tinto plc (RTP) gained 4.72 points for the day to close at $224.50; Intercontinental Exchange Incorporated (ICE) rallied higher by 7.30 points to close at $106.30; AMREP Corporation (AXR) rallied 13.42 points to end the day at $101.41; AutoZone (AZO) climbed higher by 4.82 points to close at $119.29 and China Telecom Corporation Limited (CHA) gained 6.19 points on the day to close at $51.76.
On the NASDAQ today, advancers came in at 1,576; decliners totaled 1,502; unchanged came in at 170; new highs came in at 196 and new lows came in at 22. Gainers and losers for the day on the NASDAQ: Henry Schein Incorporated (HSIC) fell 3.35 points to close at $50.44; Direct General Corporation (DRCT) moved higher by 4.08 points to close at $20.59; Nastech Pharmaceutical (NSTK) fell 2.89 points to close at $16.30 and Dampskibsselskabet Torm A/S (TRMD) moved lower by 3.75 points to end the day at $68.64.
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