The Bears had control of the session from the opening through the closing bell. The major indices moved steadily lower through out the trading day amidst heavy trading volume. Major concern of most investors today was the condition of hedge funds and financial companies amidst a struggling mortgage market. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a heavy triple loss of 185.58 points to end the session at 13,360.26; the NYSE (New York Stock Exchange) posted a triple loss of 111.82 points to end at 9,848.97; the NASDAQ posted a loss of 28.00 points for a close at 2,588.96; the S&P 500 moved lower by 19.63 points to end at 1,502.56 and the RUSSELL 2000 moved lower by 5.06 points to close at 834.75. 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 lower by 0.92 to close at 259.97 and the FTSE RAFI 1000 posted a loss of 79.51 points to close at 6,320.18.
International Monetary Fund (IMF) comments today: sees U.S. Core Inflation below 2% in 2007 and 2008; Fed stance right for soft landing, can adjust as needed; Fed right to emphasize inflation expectations; U.S. Current Account has stabilized but still high; U.S. Current Account still 'easily funded'; sees U.S. 2007 Budget Deficit below 1.5% of GDP; reform of U.S. Entitlement Programs needed and sees U.S. GDP growth at 2% in 2007; Sees U.S. GDP growth at 2.75% in 2008.
President of the Federal Reserve Bank of Cleveland, Sandra Pianalto commented today: concerned about home foreclosures; must spare financial innovation, help consumers; no comment on economy, monetary policy and mortgage providers must explain products.
Economic data released for the day: N/A
The trend was mostly higher across the board today for the Energy Sector: Light crude moved higher by $0.49 today to close at $69.14 a barrel; Heating Oil ended the session higher by $0.01 at $2.05 a gallon; Natural Gas moved lower by $0.22 today to close at $7.35 per million BTU and Unleaded Gas moved higher by $0.04 on the session to close at $2.29 a gallon.
Metals Market ended the session mixed across the board today: Gold moved higher today for a gain of $2.80 to close at $657.00 an ounce; Silver closed lower today by $0.07 at $13.02 an ounce; Platinum moved higher today by $9.00 to close at $1,308.00 an ounce and Copper moved lower by $0.02 again today to close at $3.38 per pound.
On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day lower by 1.08 to close at 72.38; Pork Bellies ended the day sharply lower by 2.33 to close 92.70; Live Cattle moved lower by 0.28 to close at 89.65 and Feeder Cattle ended the day higher by 0.30 at 108.40.
Other Commodities: Corn moved sharply lower today with a loss of 17.50 for a close at 381.50 and Soybeans moved sharply lower again today to post a loss of 21.00 to end the session at 830.75.
The e-mini Dow ended the session sharply lower today, with a loss of 154 points to close at 13,507. The total Dow Exchange Volume for the day came in at 224,395 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.
Bonds were higher across the board today: 2 year bond closed higher by 3/32 at 99 29/32; 5 year bond closed higher by 9/32 at 98 27/32; 10 year bond closed higher by 13/32 today at 95 4/32 and the 30 year bond closed higher by 26/32 at 92 16/32.
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 4,440,879; Open Interest for Futures moved lower by 37,953 points to close at 10,023,777; the Open Interest for Options moved higher by 109,186 points to close at 9,071,560 and the Open Interest for OTC moved higher by 420 points to close at 5,787 for a total Open Interest of 19,101,124 for a total gain on the day by 71,653 points.
On the NYSE today, advancers came in at 861; decliners totaled 2,359; unchanged came in at 103; new highs came in at 102 and new lows came in at 78. Gainers and losers for the day on the NYSE: Kookmin Bank (KB) fell on the trading day by 5.31 points for a closing price on the Big Board at $90.25; Greenhill & Company Incorporated (GHL) moved higher by 3.08 points to end the trading session at $68.48; Rio Tinto plc (RTP) shed 5.17 points to close the week at $303.43; Chicago Mercantile Holdings (CME) fell sharply on the session for a loss of 9.30 points to close the week at $539.95 and Schlumberger Limited (SLB) moved higher for a gain on the trading day of 2.98 points to end the trading session at $88.74.
On the NASDAQ today, advanced totaled 1,008, decliners totaled 2,027; unchanged came in at 136; new highs came in at 80 and new lows came in at 79. Gainers and losers for the day on the NASDAQ: SunPower Corporation (SPWR) posted a gain on the trading day of 3.43 points to close the week at $64.20; Novamerica Steel Incorporated (TONS) moved higher on the session by 4.72 points to end the trading day at $54.23; First Solar Incorporated (FSLR) bolted higher on the trading day to tack on 4.69 points to end the session at $84.90 and Google Incorporated (GOOG) rallied higher on the trading day for a gain at the close of the week at 10.95 points to end the day at $525.06.
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