Closing Comments Real Time News items

• Equities ClosePosted:04/06/2010 21:19 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 3.2% to 9931, the S&P tumbling 3.4% to 1065 and Nasdaq plunging 3.6% to 2219. This morning, May NonFarm Payrolls rose 431k, with most of the jobs coming from Census hires. This was much worse-than-expected, and as a result, the S&P500 opened the floor session significantly lower. Continuing European sovereign debt concerns also weighed on stocks, and the S&P sold off throughout the session. The S&P ultimately closed the day near lows and finished the day its lowest level in four months. For the week, the S&P fell 2.3%. All ten sectors in the S&P were negative with Industrials plummeting 4.9% and Financials dropping 4.8%. BP closed the day down 5.4%. At 10am Monday, the May Employment Trends Index will be released after a reading of 94.7 in April. At 2:30pm, San Francisco FED President Yellen will speak in California. At 3pm, April Consumer Credit is expected to fall $2bln after a $2bln rise previous. Later in the week, Wholesale Inventories, Trade Balance and Retail Sales will be released.
• Equities ClosePosted:03/06/2010 21:22 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.1% to 10255, the S&P rising 0.4% to 1103 and Nasdaq gaining 1% to 2303. Before the opening bell, equities were boosted by strong private job growth in the ADP report and upward revisions to data from the previous two months. The S&P Cash Index rallied in the opening minutes of floor trade, rising above the 1100 level. However, weaker-than-expected ISM-NMI and Factory Orders data sent the S&P falling into negative territory. Just after lunch, the S&P would reverse course again. It bottomed out at 1092 and rallied back near highs on the close. Eight out of ten sectors in the S&P were higher. Energy stocks rose 1.8% and BP gained 4.2% Tech shares added 1.6% with Dell jumping almost 5%. At 8:30am, May NonFarm Payrolls are expected to rise 540k after an increase of 290k in April and the Unemployment Rate is forecast at 9.8%. Manufacturing Jobs are predicted to increase 40k, Government workers are expected to rise 75k and Federal positions are forecast to increase 90k. Average Weekly Hours are seen at 33.4 and Average Hourly Earnings are expected to increase 0.1% to $18.98. At 9:30am, Atlanta FED President Lockart will speak on the economy in Georgia.
• Equities ClosePosted:02/06/2010 21:22 GMT by NeedToKnowNews
  Equities finished the day significantly higher with the Dow up 2.3% to 10250, the S&P gaining 2.6% to 1098 and Nasdaq rising 2.6% to 2281. Before the opening bell, a series of upgrades boosted equities. Jeffries upgraded GlaxoSmithKline, Goldman raised Monsanto and UBS upgraded JP Morgan. The S&P started the floor session in positive territory and added to gains after Pending Home Sales were better-than-expected. Strong US auto sales helped the S&P extend its gains, and the index made higher highs into the close. All ten sectors in the S&P were higher with Energy shares jumping 5.6%. Financials rose 3.2% with Morgan Stanley adding 4%. Monsanto closed the day up 3.3% and GlaxoSmithKline rose 3.4%. At 7:30am, Atlanta FED President Lockhart discusses the economy in Georgia. At 8:15am, May ADP Employment is expected to rise 70k from 32k previous. At 8:30am, Initial Claims are forecast at 450k from 460k and Continuing Claims are predicted at 4.6mln from 4.607mln. Also at 8:30am, Final Q1 Productivity is expected to rise 3.4% and Unit Labor Costs are forecast to fall 1.3%. At 10am, April Factory Orders are projected to rise 1.8%, and ex-Transports, Orders are expected to increase 1.5%. Also at 10am, May ISM-NMI is seen at 55.9. At 10:30am, EIA Natural Gas Storage is expected to show a build of 95bcf. At 11am, EIA Petroleum Inventories will be released with forecasts for a 500k build in Crude, no change in Unleaded, a 500k build in Distillates and a 0.2% rise in Refinery Usage. At 11:15am, FED Chairman Bernanke talks about small businesses in Michigan. At 12:15pm, Boston FED President Rosengren delivers a speech on the financial crisis in Massachusetts. At 1:15pm, Kansas City FED President Hoenig speaks on the economy in Oklahoma.
• Equities ClosePosted:01/06/2010 21:20 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1.1% to 10024, the S&P dropping 1.7% to 1071 and Nasdaq falling 1.5% to 2222. Rising tensions in the Middle East and the continuing failure of BP
• Equities ClosePosted:28/05/2010 21:21 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1.2% to 10137, the S&P declining 1.2% to 1089 and Nasdaq dropping 0.9% to 2257. The S&P opened the day lower as a week Personal Spending number weighted on stocks. The losses were extended after Fitch downgraded the sovereign debt rating of Spain from AAA to AA+, and the index fell all the way to 1085. The S&P was volatile in the last two hours of the day, but eventually closed the day near lows of the session. Nine out of ten sectors in the S&P were lower with Energy shares down 2.1%. Financials fell 2% as Bank of America dropped 2.7% and Wells Fargo dipped 2.4%. Markets are closed on Monday for Memorial Day. On Tuesday at 10am, April Construction Spending is expected to increase 0.1% after a 0.2% rise prior. Also at 10am, May ISM is forecast at 60 from 60.4. At 10:30am, the May Dallas FED Manufacturing Activity Index will be released after a reading of 21.1 previous. Later in the week, Factory Orders and NonFarm Payrolls will be released.
• Equities ClosePosted:27/05/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 2.9% to 10259, the S&P rising 3.3% to 1103 and Nasdaq jumping 3.7% to 2278. Equities shot higher overnight Chinese government agency maintained its commitment to invest foreign currency reserves on the continent. Strong earnings from Costco, Heinz and Tiffany also boosted futures, as did an FBR upgrade of Microsoft and an Oppenheimer raise of BP. A downward revision to Q1 GDP briefly saw the S&P pare its gains, but the Cash Index opened the floor session significantly higher. During the NYSE session, the S&P continued to make higher highs and ultimately closed the day at the top of its trading range. All ten sectors in the S&P were higher with Energy stocks up 4.4%. Financials surged 4.3% with Wells Fargo gaining 4.9% and Bank of America rising 4.6%. Tiffany jumped 7.5% and Costco closed up 5%. At 8:30am, April PCE will be released, with expectations for a 0.5% rise in Income, a 0.2% increase in Spending, a 0.1% rise in Core PCE m-o-m, a 1.2% increase in Core PCE y-o-y, and a 1.9% rise in Headline PCE y-o-y. Also at 8:30, the May ISM-New York Index is forecast at 59. At 9:45, May Chicago PMI is projected at 60. At 9:55am, Final May University of Michigan Consumer Confidence is expected at 73.3, and at 10am, May NAPM-Milwaukee will be released.
• Equities ClosePosted:26/05/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.7% to 9974, the S&P falling 0.6% to 1068 and Nasdaq dropping 0.7% to 2196. Stronger-than-expected Durable Goods data and raise of Citigroup by Oppenheimer boosted equities and the S&P opened the session firmly in positive territory. The gains were extended after New Home Sales figures were the highest in almost two years, but the S&P soon topped out at 1091. The index would then erase its gains throughout the afternoon, and ultimately plunged into negative territory in the final hour of trade. Seven out of ten sectors in the S&P were lower with Materials stocks and Consumer Staples down 0.4%. However, Citigroup closed the day up 2.1% and Toll increased 0.8% after reporting earnings. At 8:30am, the Second Estimate for Q1 GDP is expected to rise 3.4% after a 3.2% increase in the Advanced reading. Personal Consumption is forecast to rise 3.8% and the GDP Price Index is projected to increase 0.9%. Also at 8:30am, Initial Jobless Claims are expected at 450k from 471k and Continuing Claims are forecast at 4.6mln from 4.625mln. At 10:30am, Natural Gas Storage is projected to show a build of 100bcf.
• Equities ClosePosted:25/05/2010 21:21 GMT by NeedToKnowNews
  Equities finished the day flat to moderately lower with the Dow down 0.2% to 10044, the S&P relatively unchanged at 1074 and Nasdaq dipping 0.1% to 2211. US futures plunged overnight amid rising tensions between South and North Korea, as well continuing fears over European sovereign debt. Disappointing CaseShiller House Price data also weighed on the stocks and the S&P Cash extended its losses in the opening minutes of floor trade. However, the S&P bottomed out at 1041 early in the day and was further boosted by a strong Consumer Confidence number. The S&P would ultimately rally 25 handles in the final two hours of the day and closed the session relatively unchanged. Five of the ten sectors in the S&P were higher with a 1.4% gain in Materials stocks offset by a 0.8% decline in Consumer Staples. Financials rose 0.9%, led by a 4.3% jump in Goldman. Medtronic fell 1.7% after reporting disappointing earnings. At 7am, MBA Mortgage Applications are released after falling 1.5% the previous week. At 8:30am, April Durable Goods are expected to rise 1.5%, and ex-autos, Durables are forecast to increase 0.6%. At 10am, April New Home Sales are projected at 425k from 411k prior. At 10:30am, EIA Petroleum Inventories are released with expectations for a 200k build in Crude, a 500k build in Unleaded, a 600k build in Distillates and a 0.1% rise in Refinery Usage. At 4:15pm, Richmond FED President Lacker discusses the financial crisis in Washington.
• Equities ClosePosted:24/05/2010 21:21 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1.2% to 10067, the S&P declining 1.3% to 1074 and Nasdaq dropping 0.7% to 2214. Overnight, the Spanish Central Bank bailed out the regional CajaSur bank, stoking further fears of European debt trouble. As a result, the S&P opened the floor session lower and sold off in the first half-hour of trade. A strong Existing Home Sales report helped to erase the early losses, and the index briefly moved into positive territory. However, it formed a double top at 1090, and sold off the rest of the day, finishing the session at lows. Nine out of ten sectors in the S&P were lower with both Energy stocks and Financials down 2.7%. Morgan Stanley plunged 5%, Wells Fargo fell 4.6% and Bank of America dropped 3.7%. At 8:55am, Johnson Redbook Retail Sales will be released. At 9am, the March S&P Case-Shiller Home Price Index is forecast to rise 2.7% y-o-y to 143.8. At 10am, May Consumer Confidence is projected to rise to 59 from 57.9. Also at 10am, the May Richmond FED Index and the March FHFA Home Price Index will be released. At 11:15am, St. Louis FED President Bullard discusses the financial crisis in London.
• Equities ClosePosted:21/05/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 1.3% to 10193, the S&P rising 1.5% to 1088, and Nasdaq gaining 1.1% to 2229. The S&P opened the day significantly lower, as continuing worries about European sovereign debt weighed on stocks. The 30yr T-bond yield briefly dipped below 4% and the S&P fell below the lows from the May 6 flash crash. However, the S&P soon bottomed out at 1056 and erased its losses in early trade. The index would spend the rest of the session in positive territory, although trading was volatile in a day with little news. The S&P ultimately caught a bid into the close and finished the day near highs. For the week, the S&P fell 4.3%. All ten sectors in the S&P were higher with Financials up 3.2%. All of the large banking stocks were strong performers with JP Morgan rising 5.9% and Morgan Stanley gaining 5.7%. At 8:30am, the April Chicago FED National Activity Index will be released after coming in at -0.07 in March. At 10am, April Existing Homes Sales are expected to rise to 5.6mln from 5.35mln previous. Later in the week, Consumer Confidence, Durable Goods, New Home Sales and GDP will be released.
• Equities ClosePosted:20/05/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 3.6% to 10068, the S&P falling 3.9% and Nasdaq plunging 4.1% to 2204. Continuing European debt concerns pushed S&P futures lower overnight, and the losses were extended after Initial Claims were much higher-than-expected. The Cash Index would plunge through the key 1100 level as the floor session opened, and the S&P fell further as the FDIC revealed a rising number of problem banks in Q1. Plunging commodity prices also aided the declines, and there were rumors that hedge funds had to liquidate the metals portfolios to generate cash. It looked set to pare its gains in the afternoon, but sellers returned in the last half-hour of trade, and the S&P closed at lows of the session. All ten sectors in the S&P were lower with Energy shares down 4.6% and Materials stocks off 4.3%. Financials tumbled 4.2% with Bank of America falling over 6% and Morgan Stanley dropping more than 5%. There are no major US economic releases tomorrow. FED Vice Chairman Kohn discusses monetary policy in Germany at 5:15am and New York FED President Dudley speaks in Florida at 7pm.
• Equities ClosePosted:18/05/2010 21:24 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 1.1% to 15011, the S&P falling 1.4% to 1121 and Nasdaq declining 1.6% to 2317. THe S&P500 opened the floor session higher after strong pre-market earnings from Wal-Mart and Home Depot. Better-than-expected Housing Starts data also boosted the S&P and the index added to gains in the early part of NYSE trade. However, the S&P soon topped out at 1149 and gave back all its gains as commodities started to sell off. After Germany announced restrictions on short-selling, the S&P plunged into negative territory, and ultimately closed the day at lows. All ten sectors in the S&P were negative. Financials fell 2.9% as Wells Fargo plummeted 4.3%, Goldman tumbled 3.7% and Citigroup declined 3.4%. Wal-Mart closed up 1.9% but Home Depot shed 2.4% after its strong start to the day. At 7am, MBA Mortgage Applications are released after rising 3.9% the previous week. At 8:30am, April Headline CPI is expected to be unchanged and Core CPI is forecast to increase 0.1%. At 9am, NY FED President Dudley delivers opening remarks at a Community Reinvestment Conference in New York. At 10:30am, EIA Petroleum Inventories will be released with expectations for a 1.9mln build in Crude, an 800k draw in Unleaded, a 1.1mln build in Distillates and a 0.2% rise in Refinery Usage. At 2pm, the FOMC releases minutes from its April 28 meeting.
• Equities ClosePosted:14/05/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 1.5% to 10620, the S&P rising 1.9% to 1136 and Nasdaq tumbling 2% to 2347. Continuing European debt concerns helped send the S&P lower on the NYSE open. The index continued to sell off throughout the morning as plunging commodity prices weighed on the Energy and Materials sectors of the S&P. However, in the afternoon, the S&P repeatedly bounced off support near 1125 and ultimate pared losses into the close. For the week, the S&P gained 2.2%. All ten sectors in the S&P were lower. Financials fell 2.9% as both Wells Fargo and Bank of America tumbled 3.1%. Dillard
• Equities ClosePosted:13/05/2010 21:22 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1.1% to 10783, the S&P declining 1.2% to 1157 and Nasdaq tumbling 1.3% to 2394. The S&P opened the floor session lower as Cisco and Kohl
• Equities ClosePosted:12/05/2010 21:21 GMT by NeedToKnowNews
  Equities finished the day significantly higher with the Dow up 1.4% to 10897, the S&P rising 1.4% to 1172 and Nasdaq gaining 2.1% to 2425. The S&P500 opened the floor session marginally higher, boosted by better-than-expected earnings from Macy
• Equities ClosePosted:11/05/2010 21:32 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow down 0.3% to 10748, the S&P falling 0.3% to 1156 and the Nasdaq relatively unchanged at 2375. The S&P sold off overnight as Chinese inflation data was higher-than-expected and amid fears that stocks were overbought yesterday. However, minutes into the floor session, the S&P caught a bid and the index erased its losses by lunch. News leaked that David Cameron would soon be named Prime Minister of the UK and the S&P rallied to highs. Ultimately, the S&P topped out at 1170 and sold off into the close. Seven out of ten sectors in the S&P were lower with a 1.7% decline in Materials shares outweighing a 0.7% rise in Tech stocks. Large banks helped to lead the way lower as Goldman fell 1.3% and Morgan Stanley dropped 1.7%. At 7am, MBA Mortgage Applications will be released after rising 4% the previous week. At 8:30am, the March Trade Deficit is expected at $41bln after $39.7bln prior. At 10:30am, EIA Petroleum Inventories will be released with forecasts for a 1.6bln build in Crude, a 500k build in Unleaded, a 1.2mln build in Distillates and a 0.2% rise in Refinery Usage. At 1:15pm, St. Louis FED President Bullard discusses the economy in Tennessee. At 2pm, the April Treasury Deficit is predicted at $55bln following $65.4bln in March and $20.9bln a year ago. Also tomorrow, Atlanta FED President Lockhart delivers opening and closing remarks at an Atlanta FED Conference. Boston FED President Rosengren moderates a panel at the same conference.
• Equities ClosePosted:10/05/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 3.9% to 10785, the S&P gaining 4.4% to 1160 and Nasdaq jumping 4.8% to 2375. Over the weekend, the EU agreed on a EUR750bln bailout fund and ECB announced a bond-buying program to further boost sovereign debt. The S&P rocketed higher in electronic trade, and added to gains in early floor trade. It ultimately peaked at 1164 in the opening minutes of the day and gave back some gains into lunch. However, support near 1150 repeatedly held and the S&P rallied back towards highs in the last hour of the session. All ten sectors in the S&P were higher with Consumer Discretionaries up 5.7%.Financials rose 5.6% as both Wells Fargo and Bank of America jumped almost 7%. At 8:30am, Richmond FED President Lacker will speak on the economy in North Carolina. At 8:55am, Johnson Redbook Retail Sales will be released. At 10am, March Wholesale Inventories are expected to rise 0.6% for the second straight month. Also at 10am, the May IBD/TIPP Economic Optimism Index is forecast to rise to 49.5 from 48.4. At 1:15pm, Atlanta FED President Lockhart and Philadelphia FED President Plosser will speak at the Atlanta Financial Markets Conference.
• Equities ClosePosted:07/05/2010 21:23 GMT by NeedToKnowNews
  Equities finished the lower with the Dow down 1.3% to 1380, the S&P falling 1.5% to 1111 and Nasdaq tumbling 2.3% to 2266. Lingering worries over yesterday
• Equities ClosePosted:06/05/2010 22:57 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 3.2% to 10520, the S&P declining 3.2% to 1128 and Nasdaq plunging 3.4% to 2320. Weak retail sales helped to sent the S&P lower on the open, and the losses were extended as Crude prices fell. The S&P made lower lows throughout the morning, but really fell out of bed after riots in Athens over the austerity measures started. The S&P fell over 100 points at one point, and plunged through the 1100 level. However, buyers quickly rushed back in and the S&P ultimately closed about 60 points off its low. CNBC reported that the plunge in equities was due to a trading error at a major firm. The Dow experienced the same knee-jerk lower, falling almost 1000 points at its low. All ten sectors in the S&P were lower with Energy shares down 3.3%. Financials fell 3.1% with Bank of America plummeting 7.1%, Morgan Stanley tumbling 5.6% and Wells Fargo declining 4.5%. At 8:30am, April NonFarm Payrolls are expected to increase 200k after a 162k and the Unemployment Rate is forecast to be unchanged at 9.7%. Manufacturing Jobs are projected to increase 25k and Government positions are expected to increase 100k. Average Hourly Earnings are forecast to rise 0.2% to $18.94 and Average Hourly Earnings are seen at 33.4. At 12:30pm, Philly FED President Plosser speaks on the economy in Delaware. At 3pm, March Consumer Credit is expected to decline $5bln after an $11.5bln drop in March.
• Equities ClosePosted:05/05/2010 21:20 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.6% to 10867, the S&P falling 0.7% to 166 and Nasdaq declining 0.9% to 2402. Despite an encouraging ADP employment report, the S&P opened the floor session lower as European debt concerns continued to weigh on equities. Moody
• Equities ClosePosted:04/05/2010 21:19 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 2% to 10927, the S&P declining 2.4% to 1174 and Nasdaq plunging 3% to 2424. The S&P opened the day in negative territory as European debt concerns outweighed strong earnings from CVS, Mastercard, Merck and Pfizer. A better-than-expected Factory Orders number could not stop the decline in equities, and the S&P made lower lows through lunch. Falling commodity prices led the index lower and the S&P fell all the way to 1168 before climbing up to 1174 on the close. All ten sectors in the S&P were lower with Industrials falling 3.3%. Materials also fell 3.3% with both Aloca and Freeport-McMoran dropping 4.4%. Financials dropped 3% as Citigroup shed 3.4%. At 7am, MBA Mortgage Applications will be released after a 2.9% fall the previous week. April Challenger Layoffs follow at 7:30, after a 55% y-o-y decline in March. At 8:15am, April ADP Employment is expected to show a rise of 25k following a 23k decline prior. At 8:30am, Boston FED President Rosengren discusses housing in Massachusetts. At 9am, Treasury releases details of its quarterly refunding. At 10am, April ISM-MNI is forecast to rise to 57 from 55.4. At 10:30am, EIA Petroleum Inventories are released with expectations of a 1mln build in Crude, a 1mln build in Unleaded, a 1.7mln build in Distillates and a 0.2% increase in Refinery Usage.
• Equities ClosePosted:03/05/2010 21:13 GMT by NeedToKnowNews
  Equities finished the day significantly higher with the Dow up 1.3% to 1152, the S&P adding 1.3% to 1202 and Nasdaq gaining 1.5% to 2499. Over the weekend, the EU and IMF agreed to a EUR110bln aid package for Greece. This may have spooked some European investors into shifting their holdings into American securities, and the S&P opened the day in positive territory. A better-than-expected ISM reading had little effect on the S&P, but the index would rocket higher during lunch as auto sales rolled in. The S&P broke through resistance at 1200 and traded as high as 1205 before paring gains into the close. Nine out of ten sectors in the S&P were higher with Consumer Discretionaries up 2.2%. Tech stocks rose 1.8%, as Apple rose almost 2%. Financials added 1.7% with Goldman gaining 3% and Wells Fargo increasing 2.3% At 8:55am, Johnson Redbook Retail Sales for the week will be released. At 10am, March Factory Orders are expected to dip 0.1% after a 0.6% rise previous. Ex-transports, Orders are forecast to increase 0.7% for the second straight month. Also at 10am, the March Pending Home Sales Index is predicted to rise 5.5% to 97.6. Treasury Secretary Geithner will testify before the Senate Finance Committee at 10am as well.
• Equities ClosePosted:30/04/2010 21:26 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 1.4% to 11009, the S&P dropping 1.7% to 1187 and Nasdaq plunging 2% to 2461. The S&P opened the day largely unchanged despite the fact that Q1 Advance GDP came in slightly below expectations. The index briefly rallied in early trade but topped out at 1208 and soon plunged into negative territory. Goldman Sachs led financial firms lower as Bank of America downgraded the firm because of an ongoing Department of Justice criminal investigation. In addition, oil from the rig explosion in the Gulf approached the coast prompting President Obama to suspend all new drilling activity in the Gulf. The S&P would continue to sell off throughout the day and ultimately closed the day at lows. For the week, the S&P fell 2.5%. Nine out of ten sectors in the S&P were lower with Tech stocks down 3.3%. Financials lost 2.3% as Goldman plunged 9.4%. Meanwhile, Transocean, the world
• Equities ClosePosted:29/04/2010 21:19 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 1.1% to 11187, the S&P gaining 1.3% to 1207 and Nasdaq surging 1.6% to 2512. Strong earnings from Kellogg and Motorola helped to lift the S&P higher in electronic trade. The Cash Index then opened the floor session in positive territory and continued to rally and Crude prices surged. The S&P made higher highs throughout the day, before topping out at 1209 and paring its gains into the close. Nine out of ten sectors in the S&P were higher with Financials up 2.7%. Morgan Stanley rose 3.2% and Bank of America added 2.9%. Meanwhile, Kellogg surged 4.6% and Motorola gained 3.5%. At 8:30am, Advanced Q1 GDP is expected to rise 3.5% after a 5.6% surge previous. Consumption is forecast to increase 3.6% and the GDP Price Index is projected to rise 1%. Also at 8:30am, the Q1 Employment Cost Index is expected to increase 0.4% for the second straight quarter. The April ISM-New York Index, to be released at 8:30 as well, is forecast to rise to 70 from 60.6. Other economic data include April Chicago PMI at 9:45, Final April University of Michigan Consumer Confidence at 9:55, and April NAPM-Milwaukee at 10am.
• Equities ClosePosted:27/04/2010 21:22 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 1.9% to 10992, the S&P plunging 2.3% to 1184 and Nasdaq tumbling 2% to 2471. A worse-than-expected CaseShiller Housing number helped to send S&P futures lower and the Cash Index opened the day in negative territory. It pared its gains after Consumer Confidence topped expectations but fell to new lows after the S&P lowered downgraded Portugal
• Equities ClosePosted:23/04/2010 21:15 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.6% to 11204, the S&P gaining 0.7% to 1217 and Nasdaq adding 0.4% to 1530. Equities were boosted overnight on news that Greece would ask to trigger the EU-IMF aid package. However, S&P futures sold off after Durable Goods unexpectedly fell and the Cash index opened the day in negative territory. The losses were quickly reversed when New Home Sales surged more-than-expected, and rising commodity prices pushed the S&P higher for the remainder of the session. Eight out of ten sectors in the S&P were higher with Energy shares up 2.8%. Schlumberger surged 6.6% after reporting strong earnings before the open. Homebuilders rallied with Pulte Homes jumping 5.7% and Lennar adding 3.9%. At 10:30am Monday, the April Dallas FED Manufacturing Activity Index will be released. There are no FED speakers scheduled ahead of the FOMC rate decision on Wednesday afternoon. Later in the week, Advanced Q1 GDP will be released.
• Equities ClosePosted:21/04/2010 21:30 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow up 0.1% to 11125, the S&P down 0.1% to 1206 and Nasdaq rising 0.2% to 2505. There was a flurry of earnings news this morning and yesterday afternoon. Strong results from Apple, Morgan Stanley and Boeing offset disappointing earnings from Yahoo and Wells Fargo, and the S&P opened the day relatively unchanged. The index traded within a couple of points of yesterday
• Equities ClosePosted:15/04/2010 21:29 GMT by NeedToKnowNews
  Equities finished the day modestly higher with the Dow up 0.2% to 11145, the S&P rising 0.1% to 1212 and Nasdaq adding 0.4% to 2516. Overnight, increasing Greek debt fears helped to push equities lower and the losses were extended when Initial Jobless Claims unexpectedly fell. However, better-than-expected Empire FED data and upward revisions to past Industrial Production figures boosted the S&P and the index erased its losses in early trade. Despite a plethora of FED speakers, the S&P stayed in a range between 1209 and 1214 the entire day and finished the day barely above yesterday
• Equities ClosePosted:14/04/2010 21:26 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.9% to 11123, the S&P rising 1.1% to 1211 and Nasdaq gaining 1.6% to 2505. The S&P was higher in electronic trade of strong earnings from Intel, CSX and JP Morgan. The gains were extended after Retail Sales rose more-than-forecast and the index opened the day above 1200. The S&P gave back gains in the first hour of trade, but support ultimately held at 1200. Equities caught a bid as FED Chairman Bernanke reiterated that rates would be
• Equities ClosePosted:13/04/2010 21:35 GMT by NeedToKnowNews
  Equities finished the day moderately higher with the Dow up 0.1% to 11019, the S&P gaining 0.1% to 1197 and Nasdaq gaining 0.3% to 2466. Equities were lower overnight after Alcoa met EPS forecasts but fell short of revenue estimates. The declines were extended after the February Trade Deficit was greater-than-expected, but the S&P would erase its losses into the NYSE open. During the floor session, tumbling commodities prices sent the S&P falling in the first hour of trade. However, support at the 9-day MA (1187) held and the S&P would ultimately rally into positive territory as energy prices recovered. Six out of ten sectors in the S&P were positive with Consumer Discretionaries rising 0.6%. Financials rose 0.3%, with Goldman increasing 0.8%. Meanwhile, Alcoa closed the day down 1.6%. At 7am, MBA Mortgage Applications for the week will be released. At 8:30am, March Retail Sales are expected to rise 1.3% and Sales ex-Autos are forecast to increase 0.6%. Also at 8:30am, March Headline CPI is projected to be unchanged and Core CPI is expected to rise 0.1%. At 9:30am, Cleveland FED President Pianalto discusses the financial crisis in New York. At 10am, February Business Inventories is forecast to increase 0.5% after a flat reading previous. Also at 10am, FED Chairman Bernanke testifies before the Joint Economic Committee. At 10:30am, EIA Petroleum Inventories are released with expectations for a 1.5mln build in Crude, an 800k build in Unleaded, a 750k build in Distillates and a 0.2% rise in Refinery Usage. At 11am, Richmond FED President Lacker delivers a speech in West Virginia. At 1:45pm, Dallas FED President Fisher discusses financial reform in New York. At 2pm, the Beige Book is released.
• Equities ClosePosted:09/04/2010 21:29 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.6% to 10997, the S&P rising 0.7% to 1194 and Nasdaq gaining 0.7% to 2454. Despite ongoing Greek debt fears, the S&P opened the day marginally higher and extended its gains after Wholesale Trade came in better-than-expected. Although the S&P pared its gains into lunch, support at yesterday
• Equities ClosePosted:08/04/2010 22:19 GMT by NeedToKnowNews
  Equities finished the day modestly higher with the Dow up 0.3% to 10927, the S&P gaining 0.3% to 1186 and Nasdaq rising 0.2% to 2437. Increasing Greek debt fears and higher-than-expected Initial Claims helped to push the S&P lower on the open, but the index bottomed out at 1175 in the first half-hour of trade. Strong March Same-Store Sales boosted Retailers and the S&P as a whole, and the index rallied into positive territory by lunch. It continued to rally in the afternoon, but couldn
• Equities ClosePosted:07/04/2010 21:20 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.7% to 10898, the S&P declining 0.6% to 1182 and Nasdaq shedding 0.2% to 2431. This morning, disappointing results from Monsanto outweighed positive earnings from Family Dollar, and the S&P opened the session modestly lower. It traded in negative territory for the entire morning, but caught a bid after the 10yr note auction was well-subscribed. However, resistance at yesterday
• Equities ClosePosted:06/04/2010 21:51 GMT by NeedToKnowNews
  Equities finished the day flat to higher with the Dow relatively unchanged at 10970, the S&P up 0.2% to 1189 and Nasdaq gaining 0.3% to 2437. Before the open, futures were lower as Greek debt fears increased, CA forecasted full-year EPS at the low end of expectations and Massey Energy reported fatalities at a West Virginia coal mine. However, the S&P hit its low (1183) early in the session and erased its losses by lunch. When the FOMC minutes revealed tightened policy was not imminent, the index shot to highs, although the S&P would ultimately pare its gains into the close. Six out of ten sectors in the S&P were higher with Financials gaining 1.1%. Wells Fargo surged 2.4% and Bank of America rose 2%. Massey Energy plunged 11.6% and CA fell 1.8%. At 7am, MBA Mortgage Applications will be released after rising 1.3% the previous week. At 10:30am, EIA Petroleum Inventories are released with expectations for a 1.2mln build in Crude, an 800k draw in Unleaded, a 1.2mln draw in Distillates and a 0.2% increase in Refinery Usage. At 12:15pm, New York FED President Dudley delivers a speech to the Economic Club of New York. At 1:30pm, FED Chairman Bernanke discusses the economy in Texas and at 2pm, Kansas City FED President Hoenig speaks in New Mexico. At 3pm, February Consumer Credit is forecast to rise $2bln after a $0.7bln decline previous.
• Equities ClosePosted:31/03/2010 21:24 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.5% to 10857, the S&P declining 0.3% to 1169 and Nasdaq dropping 0.5% to 2398. Before the opening bell, March ADP Employment unexpectedly declined and S&P futures tumbled to lows on the news. The losses were extended after Chicago PMI was worse-than-forecast, and the S&P hit its low of 1166 in early trade. However, the losses were quickly released with strong Factory Orders data, and the S&P hovered around yesterday
• Equities ClosePosted:29/03/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.4% to 10896, the S&P adding 0.6% to 1173 and Nasdaq gaining 0.4% to 2404 Buoyed by news that Greece would sell a benchmark 7-year note, European bourses started the week higher. US markets followed their lead, and rising commodities prices helped the S&P open the session up about 5 points. There was little news throughout the day, and the S&P topped out at 1175 near lunch, before ultimately closing the day in the top potion of its trading range. All ten sectors in the S&P were higher with Energy shares up 2.4%. Southwestern Energy jumped 8% and Massey Energy surged 7%. Financials rose 0.4%, but Citigroup fell 3% after Treasury announced it would sell its 7.7bln share stake this year. At 8:55am, Johnson Redbook Retail Sales for the week will be released. At 9am, the January S&P Case Shiller Index is expected to decline 1.1% y-o-y to a level of 144.7. At 10am, March Consumer Confidence is forecast to rise to 50 from 46 in February.
• Equities ClosePosted:26/03/2010 21:21 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow up 0.1% to 10850, the S&P rising 0.1% to 1167 and Nasdaq down 0.1% to 2395. S&P futures were trading higher overnight, but pared its gains after Q4 GDP was revised lower. The S&P opened the floor session modestly higher and rallied to highs off the better-than-expected University of Michigan Consumer Confidence number. However, the S&P topped out at 1174, and erased its gains as energy prices fell and traders locked in gains. The afternoon had little news, and the S&P finished the day slightly higher. For the week, the S&P closed up 0.6%. Six out of ten sectors in the S&P were higher with Materials stocks up 0.8% but Health Care names down 0.4%. At 8:30 on Monday, February PCE will be released with expectations for a 0.2% increase in Personal Income, a 0.4% rise in Personal Spending, a flat reading for Core PCE m-o-m, a 1.3% increase in Core PCE y-o-y and a 1.9% in Headline PCE y-o-y. At 10am, Treasury Secretary Geithner speaks at a
• Equities ClosePosted:25/03/2010 21:20 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow up 0.1% to 10841, the S&P down 0.2% to 1166 an Nasdaq dipping 0.1% to 2394. Equity futures increased overnight, boosted by news that the ECB would continue to accept Greek debt as collateral. On the earnings front, both Best Buy and Qualcomm reported strong results and the S&P opened up about 7 points. The index extended its gains throughout the morning, and FED Chairman Bernanke reiterated the current accommodative monetary policy was appropriate. However, the S&P formed a double top at 1181 after lunch, and proceeded to give all its gains back as commodity prices plunged. In the final minutes of trade, the S&P fell through yesterday
• Equities ClosePosted:24/03/2010 22:37 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.5% to 10836, the S&P declining 0.6% to 1168 and Nasdaq dropping 0.7% to 2399. Fitch
• Equities ClosePosted:23/03/2010 22:27 GMT by NeedToKnowNews
  Equities finished higher with the Dow up 1% to 10889, the S&P rising 0.7% to 1174 and Nasdaq gaining 0.8% to 2415. The S&P opened the floor session relatively unchanged as strong results from Walgreens offset poor earnings from KB Home. Early in the day, a better-than-expected Existing Home Sales number briefly boosted the S&P although the gains were quickly erased. In the final hour of trade, the S&P finally burst through resistance at yesterday
• Equities ClosePosted:17/03/2010 21:31 GMT by NeedToKnowNews
  Equities finished the day higher the Dow up 0.5% to 10734, the S&P rising 0.6% to 1166 and Nasaq adding 0.5% to 2389. Positive sentiment from yesterday
• Equities ClosePosted:12/03/2010 21:33 GMT by NeedToKnowNews
  Equities finished the day little changed with the Dow up 0.1% to 16025, the S&P unchanged at 1150 and Nasdaq flat at 2368. Before the opening bell, Retail Sales came in better than forecast, and the S&P rallied off the news. The S&P would open the floor session moderately higher but peaked at 1153 in early trade. The majority of the day had little news and the S&P stayed in a 6-point range between 1147 and 1153 before ending the day virtually unchanged. Half of the sectors in the S&P were positive with the 0.6% in Materials outweighing the 0.6% decline in Utilities. Aeropostale rose 4.2% after better-than-expected earnings but Schwab fell 3.5% after lowering their profit forecast. At 8:30am Monday, the March Empire FED Index is expected at 21 from 24.9 previous. At 9am, January Net Long Term TIC Flows are forecast at $55bln from $63.3bln and Total TIC Flows are projected at $40bln from $60.9bln. At 9:15am, February Industrial Production is expected to decline 0.2% after a 0.9% increase and Capacity Utilization is forecast at 72.5% from 72.6%. At 1pm, the March NAHB Housing Market Index is projected at 16 from 17. Later in the week, the FOMC Rate Decision, Housing Starts, CPI and PPI are released.
• Equities ClosePosted:11/03/2010 21:16 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.4% to 10612, the S&P gaining 0.4% to 1150 and Nasdaq adding 0.4% to 2368. Overnight, China February CPI rose more than expected, stoking fears that China will pare back stimulus. This led S&P futures falling before the bell, and the index sold off further after Continuing Claims were higher-than-forecast. The S&P traded in negative territory for most of the floor session, but finally broke through resistance at yesterday
• Equities ClosePosted:10/03/2010 21:17 GMT by NeedToKnowNews
  Equities finished mixed to higher with the Dow relatively unchanged at 10567, the S&P rising 0.5% to 1146 and Nasdaq gaining 0.8% to 2359. A well-subscribed Citigroup trust preferred share offering helped boost the S&P and Financials stocks led the index higher in early trade. The S&P erased its gains into lunch, but support at yesterday
• Equities ClosePosted:08/03/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow down 0.1% to 10553, the S&P relatively unchanged at 1139 and Nasdaq up 0.3% to 2332. The S&P opened the day marginally higher after the official announcement of AIG
• Equities ClosePosted:05/03/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 1.2% to 10566, the S&P rising 1.4% to 1139 and Nasdaq jumping 1.5% to 2326 Equities were higher this morning as the EUR5bln Greek 10-yr Note auction was well-subscribed and the January OECD Leading Indicators showed continuing signs of recovery. An hour before the opening bell, S&P Futures really took off when NonFarm Payrolls showed a smaller decline that expected. The S&P continued to rally in early floor trade, and extended its gains throughout the day, before closing near highs. For the week, the S&P gained 3.1%. Nine out of ten sectors in the S&P were higher with Financials up 2.2% and Energy shares adding 2.1%. There are no economic releases or FED speakers on Monday. Later in the week, Wholesale Trade, Trade Balance, and Retail Sales will be released.
• Equities ClosePosted:02/03/2010 21:15 GMT by NeedToKnowNews
  Equities finished flat to higher with the Dow relatively unchanged at 10406, the S&P up 0.2% at 1118 and Nasdaq rising 0.3% to 2281. The S&P opened the floor session higher and extended its gains in early trade as both energy and metals rallied. However, the index peaked at 1123 with two hours left in the trading day, and ultimately pared its losses into the close. The S&P spent the entire day in positive territory but only traded in a tight range between 1117 and 1123. Seven out of ten sectors in the S&P were higher with Energy shares up 1%. Financials rose 0.6% as Wells Fargo increased 1.9%, Morgan Stanley gained 1.8% and Goldman added 1.4%. At 7am tomorrow, MBA Mortgage Applications will be released after falling 8.5% in the previous week. February Challenger Layoffs follow at 7:30, after a 70.4% y-o-y drop previous. At 8am, Dallas FED President Fisher speaks on the economy in New York and Philly FED President Plosser speaks at a Philly FED conference. At 8:15am, February ADP Employment is expected to fall 20k after declining 22k in January. At 9:15am, Boston FED President Rosengren also speaks at the Philly FED Conference. At 10am, February ISM-NMI is forecast to rise a point to 51.5. At 10:30am, EIA Petroleum Inventories are released with expectations for a 1.5mln build in Crude, a 750k build in Unleaded, a 750k draw in Distillates and a 0.2% increase in Refinery Usage. At 1pm, Atlanta FED President Lockhart speaks on the economy in New York. At 2pm, the Beige Book is released.
• Equities ClosePosted:01/03/2010 21:19 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.8% to 10404, the S&P rising 1% to 1116 and Nasdaq gaining 1.6% to 2274. Futures were higher in electronic trade as M&A activity boosted stocks. AIG agreed to sell its Asian life insurance unit to Prudential Plc for $35.5bln and German firm Merck KGaA bought Millipore for $7.2bln. The S&P extended its gains in early trade, rocketing through last week
• Equities ClosePosted:25/02/2010 21:20 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.5% to 10321, the S&P falling 0.2% to 1103 and Nasdaq dipping 0.1% to 2234. Overnight, further worries about European debt pushed markets lower worldwide, and the S&P extended its losses after Initial Claims were higher-than-forecast and Durable Goods ex-Transports unexpectedly fell. The S&P continued to decline in early trade, but the index ultimately found support near its 21-day moving average (1088). The S&P caught a bid in the afternoon and eventually erased most of its losses on the close. Half of the sectors in the S&P were lower with Tech stocks down 0.4% and Consumer Staples up 1.1%. Citigroup fell 1.7% and Goldman declined 1.2%, but Apple rose 0.7% after rumors of a potential stock split. At 8:30am, Preliminary Q4 GDP is expected to rise 5.8% after a 5.7% increase in the Advanced reading. The GDP Price Index is forecast to rise 0.6% and Personal Consumption is projected to increase 2.1%. Also at 8:30am, February NAPM-New York is expected at 69 from 72.6. At 9:45, February Chicago PMI is forecast at 60 from 61.5. At 9am, FED Governor Duke testifies on housing before the House Financial Services Committee. At 9:55am, Final February University of Michigan Consumer Confidence is seen at 74 from 73.7 in the Preliminary reading. At 10am, January Existing Home Sales is forecast at 5.6mln from 5.45mln in December. Also at 10am, February NAPM-Milwaukee is released after a reading of 56 in January. At 10:45am, NY FED President Dudley and Minneapolis FED President Kocherlakota participate in a panel in New York. At 1:30pm, FED Governor Tarullo and Chicago FED President Evans discuss regulatory reform in New York.
• Equities ClosePosted:24/02/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.9% to 10374, the S&P rising 1% to 1105 and Nasdaq gaining 1% to 2236. Before the open, strong earnings from Dollar Tree helped to outweigh poor results from Transocean. The S&P caught a bid off the opening bell, but sold off after New Home Sales came in much lower-than expected. Support at yesterday
• Equities ClosePosted:23/02/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day significantly lower with the Dow down 1% to 10282, the S&P dropping 1.2% to 1095 and Nasdaq tumbling 1.3% to 2213. Before the bell, a lower-than-expected Case Shiller Housing number and disappointing earnings from Barnes & Noble outweighed better-than-forecast data from Home Depot and Macy
• Equities ClosePosted:22/02/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day slightly lower with the Dow down 0.2% to 10383, the S&P dipping 0.1% to 1108 and Nasdaq declining 0.1% to 2242. Over the weekend, Schlumberger officially announced its purchase of Smith International for $11bln, a higher price than expected. This helped to outweigh disappointing earnings from Lowe
• Equities ClosePosted:19/02/2010 21:16 GMT by NeedToKnowNews
  Equities finished higher with the Dow up 0.1% to 10402, the S&P adding 0.2% to 1109 and Nasdaq increasing 0.1% to 2244. After the surprise FED increase of the discount rate yesterday, S&P futures traded lower overnight. However, lower-than-expected CPI, strong earnings from JC Penney and a rumored acquisition of Smith International by Schlumberger led to the S&P opening the floor session only modestly lower. The S&P stayed about 1100 for the entire session, rallying into positive territory by lunch and ultimately closing in the upper half of its trading range. Eight out of ten sectors in the S&P were higher with Utilities stocks up 1.5%. JC Penney rose 6.6% and Smith International increased 13%, but Schlumberger fell 3% and Dell plunged 6.7%. At 8:30 on Monday, the January Chicago FED National Activity Index will be released after a reading of -0.6 previous. The February Dallas FED Index follows at 10:30, following a reading of 8.3 in January. At 11am, San Francisco FED President Yellen will speak on the economy in California. Later in the week, Consumer Confidence, New Home Sales, Durable Goods and GDP will be released. Also next week, FED Chairman Bernanke will deliver his semi-annual Monetary Policy Report before the House Financial Services Committee and the Senate Banking Committee.
• Equities ClosePosted:18/02/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.8% to 10393, the S&P rising 0.7% to 1107 and Nasdaq increasing 0.7% to 2242. S&P futures were lower before the bell after Wal-Mart reported disappointing earnings, Producer Prices were higher-than-expected, and Initial Claims were greater-than-forecast. However, the S&P reversed course in early trade and was boosted by a better-than-expected Philly FED number. The S&P would add to gains throughout the day as commodities rallied, and the index closed near highs. All ten sectors in the S&P were higher with Materials and Industrials stocks both up 1.1%. However, Wal-Mart closed down 1.1%. At 8am, New York FED President Dudley discusses the economy in a speech in Puerto Rico. At 8:30am, January Headline CPI is expected to rise 0.4% after a 0.1% increase previous and Core CPI is forecast to rise 0.2% after a 0.1% increase previous.
• Equities ClosePosted:17/02/2010 21:20 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.4% at 10309, the S&P rising 0.4% at 1100 and Nasdaq gaining 0.6% to 2226. Before the opening bell, the S&P was boosted by an earnings beat from Deere, higher-than-expected Housing Starts, and a strong Industrial Production report. The S&P caught a bid as the NYSE opened, but could not break through resistance at 1100. The index erased its gains into lunch, but support at yesterday
• Equities ClosePosted:16/02/2010 21:16 GMT by NeedToKnowNews
  Equities finished significantly higher with the Dow up 1.7% to 10289, the S&P surging 1.8% to 1095 and Nasdaq rising 1.4% to 2214. Before the opening bell, the S&P was boosted by strong earnings from Merck and a better-than-expected Empire FED report. The index continued to rally in early trade, as metals and energy prices rocketed higher. The S&P would extend its gains throughout the floor session and ultimately closed near highs. All ten sectors in the S&P500 were higher with Energy shares up 2.9% and Materials stocks gaining 2.6%. Financials rose 2.4%, with Bank of America increasing 4.9% and Citigroup adding 4.1%. At 8:30am, January Housing Starts are expected at 575k after 557k prior and Building Permits are forecast at 625k after 653k previous. Also at 8:30, January Import/Export Prices are released with projects for a 0.9% rise in Imports, a 1% increase in Petroleum, a 0.5% rise in Imports ex-Petroleum, a 0.2% increase in Exports and a 0.5% rise in Exports ex-Agriculture. At 8:55am, Johnson Redbook Retail Sales for the week will be released. At 9:15am, January Industrial Productions is expected to rise 1% after a 0.6% increase previous and Capacity Usage is forecast at 72.5% from 72%. At 12:45pm, Philly FED President Plosser discusses the financial crisis in Pennsylvania. At 2pm, the January Treasury Deficit is predicted at $48bln after $91.9bln in December and $63.5bln a year ago. Also at 2pm, the FOMC will release minutes from its January 27 meeting.
• Equities ClosePosted:12/02/2010 21:16 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow up 0.4% to 10099, the S&P falling 0.3% to 1076 and Nasdaq rising 0.3% to 2184. Equities sold off overnight after China raised reserve requirements on its banks. S&P futures pared its losses after Retail Sales came in stronger-than-expected, but then plummeted into the NYSE open. Plunging metals and energy prices sent the S&P down to lows in early trade (1063). The S&P would ultimately erase most of its losses later in the session as commodity prices pared their early declines. For the week, the S&P rose 0.9%. Eight of the ten sectors in the S&P were lower with Utilities stocks down 0.8% and Telecom shares falling 0.5%. At 8:30am, the February Empire FED Manufacturing index is expected at 18 from 15.9 in January. At 9am, December Net Long Term TIC Flows are forecast at $40bln from $126.8bln previous and Total Net TIC Flows are projected at $55bln from $26.6bln prior. At noon, KC Fed President Hoenig speaks on government debt in Washington. At 12:30, Atlanta FED President Lockhart discusses education in Georgia. T 12:45PM, Minneapolis FED President Kocherlakota speaks on the economy in Minnesota. At 1pm, the February NAHB Housing Index is expected at 14 from 15 in January.
• Equities ClosePosted:11/02/2010 21:14 GMT by NeedToKnowNews
  Equities finished higher with the Dow up 1.1% to 10144, the S&P rising 1% to 1078 and Nasdaq increasing 1.4% to 2177. S&P futures were mixed in overnight trade after the EU promised to support Greece but provided no concrete details on its plans. A lower-than-expected Initial Claims number briefly boosted the S&P future, but traders soon realized the data reflected a backlogs adjustment, not an improvement in the jobs picture. The S&P sold off in the opening minutes of floor trade but quickly bottomed out at 1061, and shot higher as commodity prices rallied. The S&P extended its gains throughout the morning and ultimately closed the session near highs. All ten sectors in the S&P were higher with Energy stocks up 2% and Materials shares rising 1.4%. Caterpillar was one of the biggest gainers on the day, surging 5.6%. At 8:30am, January Retail Sales are expected to rise 0.1% after a 0.3% decline previous. Ex-autos, Retail Sales are forecast to increase 0.4% after a 0.2% fall prior. At 9:55am, Preliminary February University of Michigan Consumer Confidence is projected at 75 from 74.4 in January. At 10am, December Business Inventories are expected to be flat after a 0.4% rise previous. At 10:30am, EIA Petroleum Inventories are released with forecasts for a 1.3mln build in Crude, a 500k build in Unleaded, a 1.75mln draw in Distillates and a 0.3% rise in Refinery Usage. At 11am, Natural Gas Storage Change are expected to show a 175bcf draw.
• Equities ClosePosted:09/02/2010 21:31 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 1.5% to 10059, the S&P rising 1.3% to 1071 and Nasdaq adding 1.2% to 2151. Strong earnings from Coca-Cola and NYSE Euronext sent the S&P higher off the NYSE open. Sellers pushed the S&P back towards yesterday
• Equities ClosePosted:08/02/2010 21:17 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1% to 9908, the S&P declining 0.9% to 1057 and Nasdaq dropping 0.7% to 2126. The Dow closed below 10,000 for the first time in three months. Increasing worries about European debt sent S&P futures modestly lower overnight, but strong earnings from CVS helped to push the S&P into positive territory. The S&P was volatile in early floor trade and hit session highs (1071) ahead of lunch. However, falling Financials dragged the S&P into the red in the afternoon and the index ultimately closed the day at lows. Six out ten sectors in the S&P were lower with Financials down 1.3%. Wells Fargo tumbled 3.6% and Bank of America declined 3.5%. At 8:55am, Johnson Redbook Retail Sales will be released. At 10am, December Wholesale Inventories are expected to rise 0.3% after a 1.5% increase previous. Also at 10am, the February IBD/TIPP Economic Optimism survey is released after a reading of 48.8 in January.
• Equities ClosePosted:04/02/2010 21:18 GMT by NeedToKnowNews
  Equities finished significantly lower with the Dow down 2.6% to 10002, the S&P declining 3.1% to 1063 and Nasdaq dropping 3% to 2125. An undersubscribed Portuguese debt auction and more deficit concerns in Greece helped pushed the S&P lower overnight. The losses were extended an hour before the NYMEX open when both Initial Claims and NonFarm Productivity came in worst-than-expected. The S&P really fell out of bed in early floor trade as commodity futures plummeted. The S&P would continue to decline throughout the day and ultimately closed at its lowest level in almost four months. Also, the VIX rose almost 20% and closed above its 200-day moving average. All ten sectors in the S&P were lower with Energy shares down 4.7% and Materials stocks plunging 4.3%. Financials declined 4% as Mastercard plummeted 10.4%. At 8:30, January NonFarm Payrolls are expected to rise 5k after an 85k decline previous and the Unemployment Rate is forecast to be unchanged at 10%. Manufacturing Payrolls are predicted to decline 25k and Government Payrolls are expected to drop 10k. Average Weekly Hours forecast at 33.2 and Average Hourly Earnings are predicated to increase 0.2% to $18.84. Also, the G-7 meeting of Finance Ministers begins tomorrow in Canada.
• Equities ClosePosted:25/01/2010 21:22 GMT by NeedToKnowNews
  Equities finished the day modestly higher with 0.2% to 10197, the S&P rising 0.5% to 1097 and Nasdaq gaining 0.3% to 2211. Over the weekend, numerous senators came out in support of Ben Bernanke, and his reconfirmation seemed on track again. That combined with strong earnings from AK Steel sent the S&P higher on the open. However, it pared its gains half an hour into the day after Existing Home Sales plunged 16.7%, much worse-than expected. Support at Friday
• Equities ClosePosted:20/01/2010 21:32 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1.1% to 10603, the S&P dropping 1.1% to 1138 and Nasdaq declining 1.3% to 2291. S&P futures traded lower overnight after reports from China revealed some banks were asked to curtail lending. The losses were extended after a slew of earnings from financial institutions. Morgan Stanley and Bank of America missed earnings estimates, while Wells Fargo, USB and State Street reported results that beat analyst expectations. However, the bank earnings were full of adjustments and writedowns, and Financials were volatile for most of the day. S&P Cash opened the floor session significantly lower and plummeted in early trade as commodity prices plunged. The S&P ultimately formed a double bottom near 1130, and pared its gains into the close, but still finished in the bottom half of its trading range. All ten sectors in the S&P were lower with Materials stocks down 1.6% and Industrials declining 1.4%. Financials fell 0.3% with Morgan Stanley dropping 1.7%, Wells Fargo declining 1.6% but Bank of America gaining 1%. At 8:30am, Initial Jobless Claims are expected at 445k from 444k and Continuing Claims are forecast at 4.61mln from 4.596mln. At 10am, December LEI is released with predictions for a 0.5% rise in the Leading Index, a 0.2% increase in the Coincident index and a 0.3% fall in the Lagging Index. Also at 10am, the December Philly FED Index is expected at 19 from 22.5 prior. At 10:30am, Natural Gas Storage change is forecast to show a draw of 220bcf. At 11am, EIA Petroleum Inventories are released with projections for a 2.1mln build in Crude, a 1.8mln build in Unleaded, a 300k draw in Distillates and a 0.4% decline in Refinery Usage.
• Equities ClosePosted:19/01/2010 21:18 GMT by NeedToKnowNews
  Equities opened the week higher with the Dow up 1.1% to 10725, the S&P adding 1.3% to 1150 and Nasdaq rising 1.4% to 2320. Equity markets were largely unchanged in electronic trade despite a flurry of M&A news. Cadbury agreed to Kraft
• Equities ClosePosted:14/01/2010 21:15 GMT by NeedToKnowNews
  Equities finished the day modestly higher with the Dow up 0.3% to 10711, the S&P rising 0.2% to 1148 and Nasdaq adding 0.4% to 2317. S&P futures traded higher overnight, but sunk into the red after disappointing Retail Sales figures. However, the low of the day (1144) hit early in the session. S&P Cash rallied into positive territory aided by better-than-expected Business Inventories data. The S&P ultimately closed near highs but spent the day in a 6-point range as investors likely stayed on the sidelines ahead of Intel earnings. Seven out of ten sectors in the S&P were higher with Health Care stocks up 0.7%. Financials rose 0.4%, as Wells Fargo gained 1.2% and JP Morgan added 1%. Goldman and Morgan Stanley, however, finished lower after downgrades from Barclays. t 8:30am, December Headline CPI is expected to rise 0.3% after a 0.4% increase previous and Core CPI is forecast to rise 0.1% after an unchanged reading in November. Also at 8:30am, the January Empire FED Manufacturing Index is predicted at 11 from 2.55. At 9:15am, December Industrial Production is expected up 0.5% after a 0.8% rise prior and Capacity Utilization is forecast at 71.9% from 71.3%. At 9:55am, Preliminary January University of Michigan Consumer Confidence is predicted at 74 from 72.5 in January. At 12:30pm, Richmond FED President Lacker speaks on the economy in Virginia.
• Equities ClosePosted:13/01/2010 21:19 GMT by NeedToKnowNews
  Equities finished the day higher with the Dow up 0.5% to 10681, the S&P rising 0.8% to 1146 and Nasdaq jumping 1.1% to 2308. The S&P opened the day higher, but fell into the red as commodity futures sold off in early floor trade. The low in the S&P (1133) an hour into the session, and the S&P quickly rallied back into positive territory led by Financials and Health Care stocks. The S&P extended its gains after the Beige Book showed continuing signs of recovery and the index ultimately closed near highs, All ten sectors in the S&P500 were positive. Financials rose 1.4% with JP Morgan and bank of America posting gains of over 1.7%. Health Care names added 1.2%, as Merck surged 3.7% after a Credit Suisse upgrade. At 7:45am, the ECB is expected to keep its benchmark rate unchanged at 1%. At 8:30am, December Retail Sales are expected to rise 0.7% after a 1.3% increase previous. Ex-autos, Retail Sales are forecast to rise 0.4% after a 0.2% increase previous. Also at 8:30am, Initial Claims are predicted at 442k from 434k and Continuing Claims are expected at 4.77mln from 4.802mln. Import-Export Prices are also released at 8:30, with forecasts for a a 0.2% rise in Import Prices, a 1.5% decline in Petroleum Prices, a 0.4% increase in Import Prices ex-Petrol, a 0.4% rise in Export Prices and a 0.5% increase in Exports ex-Agriculture. At 10am, November Business Inventories are predicted to rise 0.5% after a 0.2% increase previous. At 10:30am, Natural Gas Storage is expected to show a draw of 250bcf.
• Equities ClosePosted:12/01/2010 21:21 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 0.4% to 10627, the S&P dropping 0.9% to 1136 and Nasdaq declining 1.3% to 2282. Poor earnings from Alcoa and KB Home sent the S&P lower in electronic trade, and it sold off further after the Trade Deficit was larger than expected. Falling commodities prices pushed stocks lower, and Energy and Materials stocks were among the S&P laggards. The S&P bounced off lows of 1132 in the afternoon but still finished in the bottom half of its trading range. Nine out of ten sectors in the S&P were lower with Telecom stocks down 2.6% and Energy shares declining 2.1%. Alcoa plunged 11% and KB Home tumbled 4%. At 9am, the Financial Crisis Inquiry Commission will hold a hearing on the financial crisis. Goldman
• Equities ClosePosted:07/01/2010 21:16 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow up 0.3% to 10607, the S&P gaining 0.4% to 1142 and Nasdaq down 0.1% to 2300. The Chinese Central Bank raised a key interest rate overnight and, pushing S&P futures lower. The S&P was briefly boosted by lower-than-forecast Continuing Claims but the cash index proceeded to sell off in early floor trade. However the intraday low (1131) was hit early in the session, and the S&P soon erased its losses. Credit Suisse upgraded Bank of America and JP Morgan raised GE, and the S&P ultimately closed near highs. Four out of ten sectors in the S&P were higher with Financials up 1.9% and Consumer Discretionaries adding 1.1%. GE surged 5.2%, and both Wells Fargo and JP Morgan rose over 3%. At 8:30am, December NonFarm Payrolls are expected to fall 10k after an 11k decline prior and the Unemployment Rate is forecast to rise to 10.1% from 10%. Manufacturing Payrolls are predicted to drop 40k, Average Weekly Hours are expected at 33.2 and Average Hourly Earnings are forecast to increase 0.2% to $18.78. At 10am, November Wholesale Inventories are predicted to decrease 0.5% after a 0.3% rise previous. At 10:15am, Boston FED President Rosengren speaks on the economy in Connecticut. At 1:35pm, Richmond FED President Lacker discusses the economy in Maryland. At 3pm, November Consumer Credit is expected to fall $7bln after a $3.5bln decline in October.
• Equities ClosePosted:06/01/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow relatively unchanged at 10574, the S&P up 0.1% to 1137 and Nasdaq falling 0.3% to 2301. The S&P opened the day marginally lower after Monsanto reported lower-than-forecast Q1 earnings and ADP Employment came in slightly worse-than-expected. The S&P hit its low of the day (1134) in early trade and stayed in a 5-point range the entire session. The index hit its high (1139) as the markets digested the FOMC minutes, but ultimately pared its gains in to the close. Eight out of ten sectors in the S&P were higher with Energy shares up 1.6% and Materials stocks rising 1.4%. Tech stocks fell 2% and Google declined 2.5%. At 7am, the BOE is expected to keep its key rate unchanged at 0.5%. At 8:30am, Initial Jobless Claims are forecast at 445k from 432k and Continuing Claims are predicted at 4.99mln from 4.981mln. At 10:30am, Natural Gas Storage Changes is expected to show a draw of 133bcf. At 1pm, Kansas City FED President Hoenig will speak on the economy in Missouri.
• Equities ClosePosted:05/01/2010 21:18 GMT by NeedToKnowNews
  Equities finished the day mixed with the Dow down 0.1% to 10572, the S&P up 0.3% to 1137 and Nasdaq unchanged at 2309. The S&P500 opened the day flat and drifted lower in early trade. The S&P fell further after Pending Home Sales plunged 16%, much worse-than-expected. However, buyers quickly re-entered the market, possibly assured by the strong Factory Orders data. In the afternoon, December Auto Sales results were mixed, but the S&P rallied into the close to finish at highs. Seven out of ten sectors in the S&P were higher with the 1.5% rise in Energy stocks outweighing the 1% decline in Utilities. Financials rose 1.1%, as Morgan Stanley, Citigroup, and Bank of America all gained over 3%. Ford surged 6.9% after it reported better-than-forecast December auto sales. At 7:30am tomorrow, December Challenger Layoffs are released after declining 72% in November. At 8:15am, December ADP Employment is expected to fall 89k after a 169k decline previous. At 10am, the December ISM-NonManufacturing Index is forecast to rise to 51 from 48.7. At 10:30am, EIA Petroleum Inventories are released with predictions for a 1.8mln draw in Crude, a 1.5mln build in Unleaded, a 1.7mln draw in Distillates and a 0.2% increase in Refinery Usage. At 2pm, the FED will release minutes from the December 15-16 FOMC meeting.
• Equities ClosePosted:04/01/2010 21:18 GMT by NeedToKnowNews
  Equities opened the year significantly higher with the Dow up 1.5% to 10584, the S&P raining 1.6% to 1133 and Nasdaq surging 1.7% to 2308. S&P futures traded higher overnight as comments from FED Chairman Bernanke and FED Vice Chairman Kohn hinted that the FOMC would continue its accommodative monetary policy stance. S&P Cash shot higher as floor trading opened, with higher commodity prices boosting Materials and Energy stocks. The index added to gains at 10am, as December ISM came in better than expected. Most of the action in equities occurred during the first hour of floor trade, and S&P remained in a 3-point range between 1131 and 1134 the rest of the day. All ten sectors in the S&P were higher with Energy stocks up 4.2% and Materials shares jumping 2.8%. Tesoro surged 9.4% and Chesapeake Energy rallied 8.6%. At 8am, Kansas City FED President Hoenig speaks on government bailouts in Georgia. At 8:55am, Johnson Redbook Retail Sales for the week will be released. At 10am, November Factory Orders are expected to rise 0.7% after a 0.6% increase previous. Ex-transports, Orders are forecast to rise 0.6% after a 0.5% increase previous. Also at 10am, the November Pending Home Sales Index is predicted to fall 1.7% to 112.2.
• Equities ClosePosted:31/12/2009 21:19 GMT by NeedToKnowNews
  Equities finished the day lower with the Dow down 1.1% to 10428, the S&P dropping 1% to 1115 and Nasdaq falling 1% to 2269. S&P futures were modestly higher before the open and added to gains after Initial Claims were lower than expected. However, the S&P gave back its gains in early floor trade and soon settled into a tight range between 1122 and 1123. This held until a furious sell off in the last half-hour of the day, when profit-taking sent the S&P plunging to lows on the close. For the year, the S&P gained 23.5%, the Dow rose 18.8%, and Nasdaq surged 43.9%. All ten sectors in the S&P were negative today with Utilities stocks down 1.7% and Materials shares dropping 1.3%. Markets are closed tomorrow for New Years Day. On Monday at 10am, December ISM is expected at 53 from 53.6. Also at 10am, November Construction Spending is forecast to fall 0.6% after an unchanged reading in October. At 10:15am, Atlanta FED President Lockhart moderates a discussion on the financial crisis in Georgia. At 1:15pm, FED Governor Duke discusses the economy in North Carolina. Later in the week, Pending Home Sales, the FOMC Minutes, and NonFarm Payrolls will be released.
• Equities ClosePosted:30/12/2009 21:23 GMT by NeedToKnowNews
  Equities finished the day flat to higher with the Dow unchanged at 10549, the S&P also unchanged at 1126 and Nasdaq adding 0.1% to 2291. S&P futures were lower in electronic trade, with news of additional $3.5bln in aid to GMAC outweighing Kaufman Brothers upgrades of both NVIDIA and Marvell. S&P cash continued to fall in early floor trade, but a strong Chicago PMI number sent the S&P back to yesterday
• Equities ClosePosted:29/12/2009 21:18 GMT by NeedToKnowNews
  Equities finished the day flat to lower with the Dow relatively unchanged at 10545, the S&P declining 0.1% at 1126 and Nasdaq dipping 0.1% to 2288. Kaufman Brothers and Piper Jaffray raised Amazon before the bell, helping to send the S&P higher. There was muted reaction to the October CaseShiller data, and the S&P opened the floor session moderately higher. After the opening bell, Consumer Confidence data was mixed (the Expectations Index rose, but the Present Situation Index fell), and the S&P would fall into the red. Volume was light throughout the day and the S&P was stuck in a 4-point range between 1126 and 1130. Eight of the ten sectors in the S&P were lower with Energy stocks down 0.9% and Telecom shares falling 0.6%. Chesapeake Energy was one of the biggest decliners, losing 3%. At 9:45am, December Chicago PMI is expected at 54.5 after a reading of 56.1 in November. At 10:30am, EIA Petroleum Inventories for the week will be released with forecasts for a 1.8mln draw in Crude, a 1.5mln build in Unleaded, a 1.7mln draw in Distillates and a 0.2% rise in Refinery Usage.
• Equities ClosePosted:24/12/2009 18:19 GMT by NeedToKnowNews
  Equities finished higher with the Dow up 0.5% to 10520, the S&P also rising 0.5% to 1126, and Nasdaq gaining 0.7% to 2286. The S&P was boosted before the open by lower-than-expected Initial Claims and higher-than-forecast Durable Goods ex-transport data. The S&P added to gains in the floor session, as rising commodity prices drove up Materials stocks. Volume was light and the S&P traded in only a 5 point range, but ultimately closed the day at highs. For the week, the S&P gained 2.2%. Nine out of ten sectors in the S&P were higher with Materials and Tech stocks both up 0.9%. Alcoa was one of the largest gainers, rising 2.1% on the session. Markets are closed tomorrow for Christmas. On Monday at 10:30am, the December Dallas FED Manufacturing Index will be released after a reading of 0.3 in November. Later in the week, the Case/Shiller Home Price Index, Consumer Confidence, and Chicago PMI will be released.