Another wild ride on Wall Street today with the DOW striking lower with a triple digit loss once again during the trading session. From the opening of the session, the markets took a nose dive. We saw a mixed closed with the major indices either negative or slightly green, at the closing bell. Trading volume was heavy amidst decent trading ranges providing a decent trading session for the active day trader.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a mild gain of 8.61 points to end the session at 13,279.29; the NYSE (New York Stock Exchange) posted a small gain of 14.27 points to end the session at 9,435.04; the NASDAQ posted a loss of 6.15 points for a close at 2,550.34; the S&P 500 moved higher by 5.08 points to end at 1,458.17 and the RUSSELL 2000 moved higher by 5.28 points to close at 790.15. 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) posted a loss of 6.40 points to close at 248.58 and the FTSE RAFI 1000 posted a gain of 10.24 points to close at 6,017.37.
The Federal Reserve in an effort to provide liquidity for orderly functioning of the markets, injected $38 billion in the banking system today. On Thursday, the Fed injected $48 billion into the banking system. The Fed buys securities backed by mortgages and the cash is deposited in commercial banks. This permits banks to increase their cash supply so they can continue to make loans plus, buy and sell securities. The deals the Fed made were very short-term and require sellers to buy them back in a few days or weeks.
The European Central Bank injected $84 billion into the European Banking system today and had injected $131 billion yesterday. There reasoning is to ‘assure orderly conditions in the Euro money market’. ECB President, Jean-Claude Trichet commented today: liquidity adds proof that ECB is watching market developments; still paying close attention to market developments and Euro-Zone economy is robust.
NYMEX Holdings (NYSE:NMX) Crosses one million contract daily volume on CME Globex; July 2007 volume averaged 1.446 million contracts per day, up 16% over a period of a year Ago; NYMEX says Thursday Natural Gas Futures 150,031; NYMEX says Thursday total Contracts on CME Globex above 1 million and NYMEX Holdings for July average daily volume rose 16%.
Import and Export Prices: Goods bought in the United States but produced abroad plus goods sold abroad but produced domestically are compiled in an index which indicates inflationary trends in internationally traded products. Data released today for July: U.S. July Import Prices rose by 1.5% compared to consensus of an increase by 1.0%; U.S. July Non-Petroleum Import Prices rose by 0.2%; U.S. July Petroleum Import Prices rose by 7.0% and U.S. Import Prices From China post record rise.
The trend was mixed across the board yet again today for the Energy Sector: Light crude moved lower by $0.12 today to close at $71.47 a barrel; Heating Oil ended the session lower by $0.02 at $1.97 gallon; Natural Gas moved higher today by $0.23 to close at $6.82 per million BTU and Unleaded Gas moved higher by $0.02 today to close at $1.95 a gallon.
Metals Market ended the session mostly higher across the board today: Gold moved sharply higher today to post a gain of $8.80 to close at $681.60 an ounce; Silver closed higher today by $0.17 to close at $12.87 per ounce; Platinum moved higher today by $4.00 to close at $1,279.30 an ounce and Copper closed at $3.36 per pound.
On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day lower by 0.10 to close at 70.80; Pork Bellies ended the day higher by 0.20 to close at 93.35; Live Cattle moved lower by 0.30 to close at 94.55 and Feeder Cattle ended the day lower by 0.40 at 115.30.
Other Commodities: Corn closed higher for the day with a gain of 1.75 at 350.50 and Soybeans moved sharply lower today for a loss of 6.00 points to end the session at 871.75.
The e-mini Dow ended the session today at 13,245 with a loss of 82 points on the trading session. The total Dow Exchange Volume for the day came in at 359,341 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 mixed across the board today: 2 year bond closed at 100 10/32; 5 year bond closed lower by 3/32 at 100 5/32; 10 year bond closed lower by 7/32 at 99 19/32 and the 30 year bond closed nicely higher by 3 25/32 at 99 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 5,991,797; Open Interest for Futures moved lower by 1,417 points to close at 10,223,867; the Open Interest for Options moved higher by 104,249 points to close at 8,988,033 and the Open Interest for OTC closed at 7,641 for a total Open Interest of 19,219,541 for a total gain on the day of 102,832 points.
On the NYSE today, advancers came in at 1,272; decliners totaled 1,980; unchanged came in at 32; new highs came in at 443 and new lows came in at 305. Gainers and losers for the day as well as active day trading stocks on the NYSE: Precision Castparts Corporation (PCP) was a very active stock for day traders today with a high on the session of $135.38, a low of $119.51 with a loss of 2.49 points to close the day at $134.62; Perini Corporation (PCR) was quite active during the session with a high on the day of $54.64, a low of $45.29 to post a gain of 10.90% to climb higher by 5.37 points for a final trading price on the Big Board of $54.62; Affiliated Managers Group Incorporated (AMG) provided a nice momentum stock for day traders today with a high on the session of $110.59, a low of $98.67 for a final trading price of $109.34; BlackRock Incorporated (BLK) had an active trading day with a high of $162.67, a low of $150.05 with a gain on the day of 1.57 points to close the week at $158.00; Carpenter Technology Corporation (CRS) showed nice trading action for the active trader today with a high of $114.72, a low of $105.40 to tack on 3.11 points with a final trading price of $113.40; Parker-Hannifin Corporation (PH) moved higher again today to post a gain of 2.82 points with a high of $96.00, a low of $90.62 for a closing price at $95.57; National-Oilwell Varco Incorporated (NOV) posted a favorable gain on the day of 5.40 points with a high on the day of $116.70, a low of $107.06 with a final trading price of $116.34 and Cummins Incorporated (CMI) provided nice trading action for day traders with a high on the day of $116.72, a low of $102.50 with a gain on the session of 5.29 points to end the session at $114.05.
On the NASDAQ today, advanced totaled 1,307; decliners totaled 1,801; unchanged came in at 83, new highs came in at 30 and new lows came in at 253. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: ViroPharma Incorporated (VPHM) posted a sharp loss on the trading day of 14.87% to shed 1.52 points for a closing price at $8.69; Accredited Home Lenders Holding Corporation (LEND) posted a substantial gain on the trading day of 43.56% with a high on the day of $10.07, a low of $6.72 to tack on 2.72 points for a final trading price of $8.85; First Solar Incorporated (FSLR) shed 8.39 points on the day with a final trading price of $94.61.