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Economic Stimulus Package

Discussion in 'Forex Daily News & Outlook' started by MTnews, May 8, 2008.

  1. MTnews

    MTnews Content Contributor

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    Daily Market Commentary for May 8, 2008 from Millennium-Traders.Com

    In 2001 and 2003, tax relief payments to individuals and families stimulated the broader economy by increasing consumer spending. Evidence suggests that households spent one-third to two-thirds of their 2001 and 2003 payments, and the current stimulus package is almost three times as large as what was enacted in 2001 $38 billion then, versus $100 billion now.
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    At the closing bell on the Stock Exchange, here is how the major world indices and major U.S. indices ended the session on the U.S. Markets:
    DOW (Dow Jones Industrial Average) gain of 52.43 points on the day to end the session at 12,866.78
    NYSE (New York Stock Exchange) gain of 49.07 points to end the session at 9,388.54
    NASDAQ gain of 12.75 points for a close at 2,451.24
    S&P 500 gain of 5.11 points for a close at 1,397.58
    FTSE All-World ex-U.S. gain of 0.38 points to close at 252.99
    FTSE RAFI 1000 gain of 0.62 points to close at 5,620.96
    BEL 20 shed of 33.45 points to close at 3,873.16
    CAC 40 shed of 19.73 points to close at 5,055.58
    FTSE100 gain of 9.8 points to close at 6,270.80
    NIKKEI 225 shed of 159.2 points to close at 13,943.30

    News on the New York Stock Exchange (NYSE) today: advanced stocks 1,804; declined stocks 1,317; unchanged stocks 110; stocks hitting new highs 63; stocks hitting new lows 49. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: Orient-Express Hotels Limited (NYSE: OEH) shed 2.73 points on the trading day, high on the trading day $47.02, low on the trading day $42.22, for a closing price at $44.73; Barr Pharmaceuticals Incorporated (NYSE: BRL) shed 11.55 points on the trading day, high on the trading day $40.30, low on the trading day $37.40, for a closing price at $38.10; NeuStar, Incorporated (NYSE: NSR) shed 4.41 points on the trading day, high on the trading day $24.43, low on the trading day $22.66, for a closing price at $23.94; Mindray Medical International Limited (NYSE: MR) gained 4.15 points on the trading day, high on the trading day $40.32, low on the trading day $37.40, for a closing price at $39.55; OM Group Incorporated (NYSE: OMG) shed 6.70 points on the trading day, high on the trading day $55.00, low on the trading day $50.25, for a closing price at $52.67; Perini Corporation (NYSE: PCR) gained 3.00 points on the trading day, high on the trading day $44.80, low on the trading day $39.51, for a closing price at $41.91; Encore Acquisition Corporation (NYSE: EAC) gained 6.89 points on the trading day, high on the trading day $56.97, low on the trading day $50.25, for a closing price at $56.79; Uniao de Bancos Brasileiros S.A. (Unibanco) (NYSE: UBB) shed 2.58 points on the trading day, high on the trading day $150.89, low on the trading day $144.55, for a closing price at $147.80; Genco Shipping & Trading Limited (NYSE: GNK) gained 0.32 points on the trading day, high on the trading day $77.66, low on the trading day $72.25, for a closing price at $75.88; RH Donnelley Corporation (NYSE: RHD) gained 1.82 points on the trading day, high on the trading day $8.59, low on the trading day $6.93, for a closing price at $8.20; Mosaic Corporation (NYSE: MOS) gained 2.43 points on the trading day, high on the trading day $127.08, low on the trading day $121.16, for a closing price at $127.08; Potash Corp. of Saskatchewan, Incorporated (NYSE: POT) gained 0.24 points on the trading day, high on the trading day $200.68, low on the trading day $192.39, for a closing price at $199.01; Visa Incorporated (NYSE: V) shed 1.20 points on the trading day, high on the trading day $89.75, low on the trading day $85.94, for a closing price at $87.30; Monsanto Corporation (NYSE: MON) gained 3.70 points on the trading day, high on the trading day $121.25, low on the trading day $116.20, for a closing price at $121.14.

    News on the NASDAQ today: advanced stocks 1,494; declined stocks 1,355; unchanged stocks 153; stocks hitting new highs 26; stocks hitting new lows 114. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: CROCS Incorporated (NasdaqGS: CROX) gained 1.44 points on the trading day, high on the trading day $12.50, low on the trading day $11.16, for a closing price at $11.40; Energy Conversion Devices, Incorporated (NasdaqGS: ENER) gained 15.10 points on the trading day, high on the trading day $50.08, low on the trading day $42.71, for a closing price at $49.91; Hansen Natural Corporation (NasdaqGS: HANS) shed 5.46 points on the trading day, high on the trading day $31.75, low on the trading day $25.51, for a closing price at $30.14; Bucyrus International Incorporated (NasdaqGS: BUCY) gained 3.02 points on the trading day, high on the trading day $134.83, low on the trading day $130.50, for a closing price at $134.74; AirMedia Group Incorporated (NasdaqGS: AMCN) shed 1.35 points on the trading day, high on the trading day $19.87, low on the trading day $17.07, for a closing price at $18.90; Intuitive Surgical, Incorporated (NasdaqGS: ISRG) shed 1.22 points on the trading day, high on the trading day $290.72, low on the trading day $282.75, for a closing price at $287.57; Middleby Corporation (NasdaqGS: MIDD) shed 8.39 points on the trading day, high on the trading day $60.50, low on the trading day $52.12, for a closing price at $54.21; Kaiser Aluminum Corporation (NasdaqGS: KALU) shed 7.85 points on the trading day, high on the trading day $72.88, low on the trading day $64.95, for a closing price at $66.09; Synchronoss Technologies, Incorporated (NasdaqGS: SNCR) shed 0.69 points on the trading day, high on the trading day $12.94, low on the trading day $12.20, for a closing price at $12.35; First Solar, Incorporated (NasdaqGS: FSLR) shed 1.05 points on the trading day, high on the trading day $281.69, low on the trading day $273.19, for a closing price at $275.80; Baidu.com, Incorporated (NasdaqGS: BIDU) shed 3.96 points on the trading day, high on the trading day $367.20, low on the trading day $353.49, for a closing price at $355.17; Google Incorporated (NasdaqGS: GOOG) gained 4.01 points on the trading day, high on the trading day $589.30, low on the trading day $578.91, for a closing price at $583.01.

    News on the American Stock Exchange (AMEX) today: advanced stocks 612; declined stocks 534; unchanged stocks 105; stocks hitting new highs 29; stocks hitting new lows 29.

    U.S. Jobless Claims fell by 18K to 365K for week of May 3 compared to survey of a drop by 5K and U.S. Continuing Claims for week of April 26 fell by 10K to 3,020,000.

    Commodities Markets
    Energy Sector: Light Crude (NYM) gained $0.16 on the day to close at $123.69 a barrel ($US per bbl.); Heating Oil (NYM) gained $0.06 on the day to close at $3.51 a gallon ($US per gal.); Natural Gas (NYM) shed $0.06 on the day to close at $11.26 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) gained $0.02 on the day to close at $3.14 a gallon ($US per gal.).

    Metals Markets: Gold (CMX) gained $10.90 to close at $882.10 ($US per Troy oz.); Silver (CMX) gained $0.18 to close at $16.87 ($US per Troy oz.); Platinum (NYM) gained $73.30 to close at $2,042.30 ($US per Troy oz.) and Copper (CMX) shed $0.05 to close at $3.79 ($US per lb.).

    Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) gained 1.20 to close at 76.48; Pork Bellies (CME) gained 3.00 to close at 76.48; Live Cattle (CME) gained 1.83 to close at 93.65; Feeder Cattle (CME) gained 1.20 to close at 109.48.

    Other Commodities (cents per bu.): Corn (CBT) gained 17.25 to close the session at 630.25 and Soybeans (CBT) gained 1.00 to close the session at 1,310.00.

    Bonds were higher across the board today: 2 year bond gained 6/32 to close at 99 26/32 with a Yield of 2.21, Yield Change -0.09; 5 year bond gained 16/32 to close at 100 226/32 with a Yield of 2.97, Yield Change -0.11; 10 year bond gained 3 6/32 to close at 100 12/32 with a Yield of 3.77, Yield Change -0.07; the 30 year bond gained 1 1/32 to close at 97 10/32 on the day with a Yield of 4.53, Yield Change -0.07.

    The e-mini Dow $5 ended the commodity session today at 12,859 with a gain of 23 points on the trading session. Futures Traders should review workshops available at the CBOT (Chicago Board of Trade). Educational in-person seminars schedules available on the CBOT (Chicago Board of Trade) website.

    Monitor scheduled economic data every market morning by viewing the Daily Market Report from Millennium-Traders, free access to visitors on our website.

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    Thanks for reading
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