stock price average computed by Dow Jones & Company, Inc. The averages are among the most commonly used indicators of general trends in the prices of stocks and bonds in the United States. Dow Jones & Company, a financial news publisher founded by Charles Henry Dow and Edward D. Jones, began computing a daily industrials average in 1896, using a list of 12 stocks and dividing their total price by 12. The list of stocks has since been broadened, and the divisor has been adjusted to compensate for stock splits, stock substitutions, and significant dividend changes. Thus, the averages are not arithmetical means but averages meant to indicate general market price trends. The most commonly quoted is the Dow Jones Industrial Average, which is based on the prices of 30 industrial stocks. Other Dow Jones averages include one based on 20 transportation stocks, one based on 15 utility stocks, a composite based on 65 stocks, and several bond averages. Other popular gauges of the American securities markets are the S&P 500 and the Russell 2000 indexes.
Dow Jones average...
Labels: Dow Jones |
Dow Jones Industrial Average...
Labels: Dow Jones |Daily Market Commentary for March 2, 2009 from Millennium-Traders.Com
For the first time since 1997 the DOW moved below 7000, closing the session on the final bell at 6,763.29. (read more)
http://www.millennium-traders.com/news/newscommentary.aspx
Economic data released today:
Core PCE Price Index:
January PCE Core Price Index rose 0.1% Rate on the month; January PCE Core Price Index rose 1.6% on the year; January PCE Price Index rose 0.2% Rate on the month; January PCE Core Price Index rose 0.7% on the year.
Personal Spending:
U.S. Personal Income rose by 0.4% in January versus consensus of a drop by 0.3%; U.S. Personal Spending rose by 0.6% in January versus consensus of an increase by 0.4%; U.S. December Personal Income Unrevised at a drop by 0.2%; U.S. December Spending Unrevised at a drop by 1.0%.
ISM (Institute for Supply Management) Manufacturing Index:
U.S. February Mfg Business Index came in at 35.8 versus January reading at 35.6; U.S. February Mfg Business Index expected to come in at 34.0; U.S. February Prices Index came in at 29.0 versus January reading at 29.0; U.S. February Employment Index came in at 26.1 versus January reading at 29.9; U.S. February New Orders Index came in at 33.1 versus January reading at 33.2; U.S. February Production Index came in at 36.3 versus January reading at 32.1; U.S. February Inventories Index came in at 37.0 versus January reading at 37.5; U.S. ISM Survey 'Generally Pessimistic' about 2009 rebound; U.S. ISM: Factories contract at 'Rapid Rate' in February.
Construction Spending:
U.S. Construction Spending down 3.3% in January compared to consensus of a drop by 1.8%; December Construction Spending Revised to a drop by 2.4% from a drop by 1.4%.
At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit loss of 299.64 points to end the trading session at 6,763.29
NYSE (New York Stock Exchange) triple digit loss of 256.05 points to end the trading session at 4,360.98
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 54.99 points to end the trading session at 1,322.85
S&P 500 (SPX) loss of 34.27 points to end the trading session at 700.82
BEL 20 (BEL20) gain of 86.02 points to end the trading session at 1,610.56
CAC 40 (CAC40) triple digit loss of 121.02 points to end the trading session at 2,581.46
FTSE100 (UKX100) triple digit loss of 204.26 points to end the trading session at 3,625.83
NIKKEI 225 (NIK/O) triple digit loss of 288.27 points at the end the trading session at 7,280.15
New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 211, declined stock prices 2,943, unchanged stock prices 53, stock prices hitting new highs 4 and stock prices hitting new lows 632. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: ProShares Ultrashort S&P 500 (NYSE: SDS) stock price gained 8.70 points on the trading session, high on the trading session $108.32, low on the trading session $101.51, with a closing stock price at $107.42; Apache (NYSE: APA) stock price shed 6.74 points on the trading session, high on the trading session $58.58, low on the trading session $52.09, with a closing stock price at $52.35; FTI Consulting (NYSE: FCN) stock price gained 4.84 points on the trading session, high on the trading session $42.36, low on the trading session $40.31, with a closing stock price at $41.38; State Street (NYSE: STT) stock price shed 3.42 points on the trading session, high on the trading session $24.41, low on the trading session $21.55, with a closing stock price at $21.85; Alcon (NYSE: ACL) stock price shed 6.02 points on the trading session, high on the trading session $80.89, low on the trading session $76.03, with a closing stock price at $76.34.
National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 332, declined stock prices 2,532, unchanged stock prices 100, stock prices hitting new highs 3 and stock prices hitting new lows 588. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Woodward Governor Company (NasdaqGS: WGOV) stock price shed 4.94 points on the trading session, high on the trading session $15.20, low on the trading session $10.98, with a closing stock price at $12.28; Syntel (NasdaqGS: SYNT) stock price shed 1.93 points on the trading session, high on the trading session $19.09, low on the trading session $17.76, with a closing stock price at $18.41; First Solar Incorporated (NasdaqGS: FSLR) stock price shed 0.37 points on the trading session, high on the trading session $107.50, low on the trading session $100.90, with a closing stock price at $105.37; Google (NasdaqGS: GOOG) stock price shed 10.83 points on the trading session, high on the trading session $340.70, low on the trading session $326.00, with a closing stock price at $327.16; Baidu (NasdaqGS: BIDU) stock price shed 11.32 points on the trading session, high on the trading session $147.11, low on the trading session $136.26, with a closing stock price at $137.00.
Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 141, declined stock prices 461, unchanged stock prices 44, stock prices hitting new highs 5 and stock prices hitting new lows 56.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 09: End of trading session price 705.50; Change for the trading session -28.75
E-mini NASDAQ-100 (NQ) Mar 09: End of trading session price 1,088; Change for the trading session -29
E-mini DOW $5 (YM) Mar 09: End of trading session price 6,808; Change for the trading session -244
E-mini S&P MidCap 400 (MF) Mar 09: End of trading session price 437; Change for the trading session -11.90
E-mini S&P Small Cap 600 (HS) Mar 09: End of trading session price 7,185; Change for the trading session -180
World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7952 to U.S. Dollars 1.2576
Japanese Yen 97.250 to U.S. Dollars 0.0103
British Pound 0.7118 to U.S. Dollars 1.4048
Canadian Dollar 1.2907 to U.S. Dollars 0.7748
Swiss Franc 1.1753 to U.S. Dollars 0.8508
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (April 09) shed $4.61 on the trading session for a closing price of $40.15 per barrel ($US per barrel)
Heating Oil (April 09) shed $0.12 on the trading session for a closing price of $1.15 a gallon ($US per gallon)
Natural Gas (April 09) gained $0.05 on the trading session for a closing price of $4.15 per million BTU ($US per mmbtu.)
Unleaded Gas (March 09) shed $0.09 on the trading session for a closing price of $1.29 a gallon ($US per gallon)
Metals Markets - Comex:
Gold (April 09) shed $2.50 on the trading session for a closing price of $940.00 ($US per Troy ounce)
Silver (May 09) shed $0.04 on the trading session for a closing price of $13.07 ($US per Troy ounce)
Platinum (April 09) shed $9.40 on the trading session for a closing price of $1,062.10 ($US per Troy ounce)
Copper (May 09) shed $0.02 on the trading session for a closing price of $1.52 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 09) shed 0.63 on the trading session for a closing price of 60.28
Pork Bellies (May 09) shed 0.73 on the trading session for a closing price of 79.10
Live Cattle (April 09) shed 1.98 on the trading session for a closing price of 83.95
Feeder Cattle (April 09) shed 1.53 on the trading session for a closing price of 92.35
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (May 09) shed 8.75 on the trading session for a closing price of 350.25
Soybeans (May 09) shed 28.00 on the trading session for a closing price of 844.00
BOND MARKET:
2 year Bond Closing price 99 31/32, change 6/32, Yield 0.88, Yield change -0.09
5 year Bond closing price of 100 6/32, change 23/32, Yield 1.83, Yield change -0.15
10 year Bond closing price 98 29/32, change1 6/32, Yield 2.87, Yield change -0.14
30 year Bond closing price 97 29/32, change 1 20/32, Yield 3.61, Yield change -0.09
Cisco today joins Dow Jones industrial average....
Labels: Dow Jones |Cisco Systems today joins the elite circle of 30 blue-chip businesses that make up the Dow Jones industrial average, a move that may make it easier for the San Jose company to attract investors — at least initially.
Plus, in joining Intel and Hewlett-Packard on the list, Cisco is sure to get a boost in prestige.
But more than anything, experts say, the decision to replace General Motors with Cisco is recognition that technology is a primary innovator and spark plug of the nation's economy. And that trend is turning heads everywhere from Wall Street to Washington.
"It signals the ascendancy of Silicon Valley and high tech," said Stephen Levy of the Center for Continuing Study of the California Economy. "We're seeing older industries and companies be replaced by a sector that has substantial long-term growth prospects."
Technology already has the attention of President Barack Obama, who is actively promoting such ideas as smarter electricity grids and computerized health records. And now, with Cisco, HP and Intel on the fabled stock index, along with IBM and Microsoft, elected officials may listen even more closely to the needs of Bay Area businesses, said Jim Wunderman, CEO of the Bay Area Council.
"It certainly cements the tech industry in Silicon Valley as an integral part of the American economy," he said. "From a public policy basis, it has some impact. I think it makes a stronger case in Washington and maybe in
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the state capitals."
Since its debut in 1896, the Dow Jones industrial average has predominately featured so-called smokestack industries, from U.S. Rubber and Bethlehem Steel to Standard Oil and American Smelting. However, reflecting a major shift in the nation's economy, those types of businesses have gradually given ground to firms offering products centered on computers, software and communications technology.
Officials with the federal Bureau of Economic Analysis say it's hard to say how much of the gross domestic product is represented by sales of such technology to consumers and the government. But business purchases alone of such goods represented about 3 percent of the GDP in 2008, compared with less than 1 percent in 1968. And one of the biggest up-and-comers in the tech field is Cisco, which was founded in 1984 and earned $8 billion on sales of nearly $40 billion during its most recent fiscal year.
Since the June 1 announcement that Cisco will replace GM, a part of the index for 83 years, the Internet-networking equipment maker's stock price has risen more than 7 percent, closing Friday at $19.87.
That kind of increase is common after companies are first selected for the list, in part because some big institutions invest heavily in firms that are on such indexes, said Sybille Reitz, a Dow Jones spokeswoman.
"It certainly does increase your visibility in the market," she said. "You're included among the bluest of the blue-chip companies in the United States."
But the share-price bump frequently is temporary, she said, adding, "at the end of the day, it doesn't mean anything to their business or to their long-term stock price."
Although HP executives declined to discuss how they've been affected by being placed on the list in 1997, Intel, which got on two years later, hasn't seen much of an impact, according to spokesman Chuck Mulloy.
"By and large, it's more prestige than anything substantive," he said.
John Roberts, director of Stanford's Center for Global Business and the Economy, also expressed skepticism that being on the index would mean significantly more business for Cisco or Silicon Valley. After all, he said, "very few people can tell you whether a given company is in the DJ30. I certainly cannot."
Still, in a prepared statement, Cisco officials said they are pleased at their inclusion.
Noting that today marks "the first time in nearly 10 years that a technology company has been added to the Dow," the company said, "We are honored with this recognition of our continued strong performance."
Dow Jones Industrial Average More Relevant Now.....
Labels: Dow Jones |It was only a matter of time, and it has finally happened, General Motors has filed for bankruptcy and has been taken out of the Dow Jones Industrial Average. On the same day it was announced that Citigroup would be removed from the Dow because of the government’s massive ongoing stake in the company. Who are the two replacements for General Motors and Citigroup? The two companies that will be moving into the Dow Jones are Cisco Systems and Travelers. Travelers will essentially be replacing Citigroup, which it was a part of just a few years ago, so that replacement is certainly quite ironic. Cisco’s replacement of General Motors signals a fairly major change in the overall weighting of the Dow Jones Industrial Average, moving it more towards technology and less toward old industrials and cyclical.
One could make a very solid case that the Dow Jones Industrial Average has just become much more relevant because of these changes, which will officially occur on June 8th. Getting rid of these two companies that were weighing down the Dow because of their terrible position in today’s economy in itself is a major boost, and the two companies that are moving into the Dow both seem to be doing quite well. Travelers Company is an insurance company that has been doing much better than most in its industry, and has managed to keep its losses to a minimum during this economic downturn. Cisco Systems is a leading technology company that is storming around the world with its routers and networking equipment and other odds and ends to help people and businesses connect all around the world.
Over the past few years the Dow Jones Industrial Average has lost a bit of its luster with many market analysts and strategists because they believed it was behind the curve. The moves that are now being made will be a major step in the direction of making the Index a very viable one with a solid mixture of healthy companies from lots of industries. Technology is clearly going to be needed in the future for advances, so the fact that the Dow will now have five technology stocks will likely be a long-term boost to the index. Also, the movement of two companies into the index that have a very solid balance sheet and are loaded with cash is another sign that the Dow is becoming more modern and relevant.
The S&P 500 is a much broader index than the Dow, so it will be difficult to gauge the two against one another, but the Dow has certainly made some major inroads into becoming a market leader once again. Investors who have previously shunned things such as Dow Jones Index Funds or ETF’s that track the Dow and its movement may want to rethink their moves in the coming quarters and consider making it a part of their portfolio. It may be difficult to regain all the luster that the Dow has lost in one day, but the changes and replacements it has made have gone a long way toward improving its reputation.....
Curse of the Dow Jones...
Labels: Dow Jones |When General Motors filed for bankruptcy protection this past week, its 83-year tenure as a fixture within the Dow Jones Industrial Average also came to an end. Faced with the abrupt passing of an economic icon, the stock market rallied; a classic case of selling the rumor (fear of the unknown) and buying the news (increased knowledge of the future). This works in the reverse for good news.
Citigroup’s account in the DOW was also closed by Dow Jones. Replacements Cisco Systems (CSCO) and Travelers (TRV) have been given a mixed blessing, however, because over the last decade when stocks are added to the Dow it has generally coincided with a top in the stock’s price.
Meanwhile, a number of Chinese small-caps in our Consensus system have recently caught the fancy of investors, among them China Green Agriculture (CGA), which makes a special type of fertilizer you never heard of, but need to know about. Fluor (FLR) is a beaten down global infrastructure play that garnered more than $5 billion of new orders in the most recent quarter. Lastly, we profile Satyam Computer Services (SAY), a fallen angel we think is worth a gamble.
Detail
One by one, the icons of the economic hegemony of the West are toppling. The collapse of the Twin Towers was a literal tragedy, but also a symbolic event that marked the end of the myth of the invulnerable West. The implosion of the top-tier brokerages in 2008 cracked the financial foundations not only of Wall Street, but also revealed a pervasive Ponzi-like debt structure that has crippled many mainstream institutions.
This past week, the wheels came off the enterprise that for much of the 20th century was the world's largest and most profitable. When General Motors filed for bankruptcy protection on Monday, however, the market rallied on the news. More about that in a minute.
Government Motors
General Motors has been the world’s largest car maker since 1932. As the U.S. government will own 60% of the downsized company and Canada will own 11%, the moniker Government Motors is likely to stick. Clearly the “bankruptcy” is being handled with kid gloves. It is actually part divestiture and restructuring, part nationalization and part bailout, as it will cost taxpayers around $40 billion.
One reason the market was able to rally in the face of the GM bankruptcy (apart from having correctly anticipated it) is that although automotive manufacturing accounts for the majority of manufacturing jobs in the U.S. (4.5 million), manufacturing per se has played a declining role in the U.S. employment picture over the last 30 years. Between 1979 and 2009, U.S. industrial output doubled, but manufacturing labor dropped from 21% of the total to just 9%.
The auto industry is still a key player in the economy, indirectly accounting for perhaps 4 jobs for every position in the industry itself, but in terms of value added, the automotive sector in the U.S. now contributes just 5.5% of total industrial output.
A more important measure of economic health for the U.S. is the Institute for Supply Management’s index of service-related businesses, which make up almost 90% of the economy. The monthly report was issued this week and indicates virtually no improvement in May compared to April. So why is the market rallying in the face of GM’s temporary demise and a dearth of hard data supporting the green shoot hypothesis?
Old News
The simple answer is that the stories that make the headlines are mostly old news to the market. What does the market really pay attention to? The future. In testimony before Congress this week, Fed Chairman Bernanke said he expects “some growth” to return later this year. According to a survey by Bloomberg, most economists agree with the Fed chief and expect the U.S. GDP to expand 0.5% as early as next quarter. This is the “news” the market is trading on. It buys the rumor and sells the facts when the story is positive; it sells the negative rumor and buys the news when the bad news finally arrives. Is this efficient? Perhaps. It is certainly human.
When GM’s bankruptcy was finally confirmed, however, some wheels did turn. Richard Thompson, the editor-in-chief of Dow Jones, quietly announced that GM would be removed from the Dow Jones Industrial Average after 83 years of membership. Only General Electric, which was added in 1907, has been in the venerable index longer.
Curse of the Dow
GM is being replaced in the Dow Jones Industrial average by network hardware maker Cisco (CSCO), not by another auto company such as Ford or Toyota. With respect to the latter company, Mr. Thompson may have missed an opportunity to diversify the index even further by including a foreign-based company that has extensive operations in the U.S. Given that GM is going to be selling its Hummer division to a Chinese car maker, such a move could be viewed as prescient. We certainly expect to see more distressed asset sales to foreign-based companies over the next few years.
But let’s not cry for Toyota. In the last decade, the invitation to join the exclusive Club of Thirty has more often than not marked a significant top in the stock price of the favored company.
Both Microsoft and Intel were plugged into the DJIA in November of 1999 and are now trading far below those levels even after the strongest stock market rally in 75 years. American International Group was added in 2004, never rose much higher and is now 98% below the premium price at which it was added. Pfizer was injected into the DJIA in 2004, which marked a top in Pfizer’s shares. PFE is now 66% lower and bleeding. Bank of America (BAC) became an accredited member in February of 2008, just at the beginning of its historic slide. Shares are now discounted 75%, even after the bounce from the March lows. Kraft Foods was assimilated in September of 2008 and so far that month has marked its peak in price.
But there’s more. In an ironic tortoise and hare tale, Citigroup is also being delisted from the DJIA and will be replaced by Travelers. Citigroup ejected Travelers via a spin off in 2002, as CEO Sandy Weil deemed the stodgy insurance business a leaden liability in his race to conquer the banking world. At first, Weil seemed to have made a savvy choice, as Citigroup shares scampered to a double over the next four years, whereas Travelers’ barely crawled ahead. In the end, however, TRV has a positive net increase today compared to 2002, whereas shares of Citigroup are down 97%. In the end, the spurned tortoise had the last laugh.
Dow Crash.....
Labels: Dow Jones |Daily Market Commentary for October 6, 2008 from Millennium-Traders.Com
Today, the DOW looked as though it was in a race to look just how fast it could dive to new historical depths in excess of 800 points around 2:30 pm Eastern Time. (read more)
http://www.millennium-traders.com/news/newscommentary.aspx
Economic data released today: n/a
At the NYSE closing bell on the New York Stock Exchange, here's how the major world indices and major United States stock indices ended the session on the world retail as well as the emerging markets such as the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit loss of 369.88 points on the day to end the trading session at 9,955.50
NYSE (New York Stock Exchange) triple digit loss of 334.03 points to end the trading session at 6,779.43
National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 84.00 points to end the trading session at 1,862.01
S&P 500 loss of 42.34 points to end the trading session at 1,56.89
FTSE All-World excluding U.S. loss of 11.43 points to end the trading session at 174.51
FTSE RAFI 1000 triple digit loss of 175.71 points to end the trading session at 4,202.90
BEL 20 (BEL20) triple digit loss of 189.42 points to end the trading session at 2,567.59
CAC 40 (CAC40) triple digit loss of 368.77 points to end the trading session at 3,711.98
FTSE100 (UKX100) triple digit loss of 391.06 points to end the trading session at 4,589.19
NIKKEI 225 (NIK/O) session closed
New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 246 declined stock prices 3,039; unchanged stock prices 20; stock prices hitting new highs 2 and stock prices hitting new lows 1,664.
NYSE quotes for changable stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or'd liketo be Day Trading for a living: United States Steel Corporation (NYSE: X) stock price shed 3.88 points on the trading session, high on the trading session $60.47, low on the trading session $52.06 with a closing stock price at $59.62; Citigroup Incorporated (NYSE: C) stock price shed 0.94 points on the trading session, high on the trading session $18.12, low on the trading session $16.10 with a closing stock price at $17.41; State Street Corporation (NYSE: STT) stock price shed 4.96 points on the trading session, high on the trading session $48.37, low on the trading session $36.69 with a closing stock price at $42.00; General Growth Properties Incorporated (NYSE: GGP) stock price shed 1.92 points on the trading session, high on the trading session $10.00, low on the trading session $7.24 with a closing stock price at $7.75; Hess Corporation (NYSE: HES) stock price gained 0.25 points on the trading session, high on the trading session $72.25, low on the trading session $60.27 with a closing stock price at $72.25; Honeywell International Incorporated (NYSE: HON) stock price shed 1.92 points on the trading session, high on the trading session $36.97, low on the trading session $34.66 with a closing stock price at $35.92; Flowserve Corporation (NYSE: FLS) stock price shed 4.39 points on the trading session, high on the trading session $69.95, low on the trading session $58.77 with a closing stock price at $67.81; Sempra Energy (NYSE: SRE) stock price shed 3.83 points on the trading session, high on the trading session $49.14, low on the trading session $43.65 with a closing stock price at $45.54; Nucor Corporation (NYSE: NUE) stock price shed 1.01 points on the trading session, high on the trading session $34.31, low on the trading session $28.97 with a closing stock price at $33.74; Walter Industries Incorporated (NYSE: WLT) stock price shed 0.04 points on the trading session, high on the trading session $37.46, low on the trading session $28.23 with a closing stock price at $36.44; CNOOC Limited (NYSE: CEO) stock price shed 8.40 points on the trading session, high on the trading session $96.93, low on the trading session $88.63 with a closing stock price at $96.28.
National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 453; declined stock prices 2,608; unchanged stock prices 65; stock prices hitting new highs 6; stock prices hitting new lows 1,117.
NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Apple Incorporated (NasdaqGS: AAPL) stock price gained 0.30 points on the trading session, high on the trading session $98.78, low on the trading session $87.54 with a closing stock price at $97.35; OSI Pharmaceuticals Incorporated (NasdaqGS: OSIP) stock price shed 6.44 points on the trading session, high on the trading session $40.41, low on the trading session $36.46 with a closing stock price at $39.40; Baidu.com Incorporated (NasdaqGS: BIDU) stock price gained 5.31 points on the trading session, high on the trading session $227.70, low on the trading session $203.76 with a closing stock price at $227.68; Vignette Corporation (NasdaqGS: VIGN) stock price shed 0.49 points on the trading session, high on the trading session $9.53, low on the trading session $9.00 with a closing stock price at $9.35; Intuitive Surgical Incorporated (NasdaqGS: ISRG) stock price shed 28.58 points on the trading session, high on the trading session $216.95, low on the trading session $186.55 with a closing stock price at $197.12; Google Incorporated (NasdaqGS: GOOG) stock price shed 17.15 points on the trading session, high on the trading session $375.99, low on the trading session $357.16 with a closing stock price at $369.76; First Solar Incorporated (NasdaqGS: FSLR) stock price shed 6.19 points on the trading session, high on the trading session $161.85, low on the trading session $134.50 with a closing stock price at $157.00.
Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 163; declined stock prices 1,160; unchanged stock prices 41; stock prices hitting new highs 40; stock prices hitting new lows 701.
Chicago Board of Trade Futures Market activity for the day, at time of this posting for December 2008 Contracts:
E-mini S&P 500 (ES) end of day price 1,050.75 substitute -2.50
E-mini NASDAQ-100 (NQ) end of day price 1,408.50, modify -2.00
E-mini S&P SmallCap 600 (SMP) end of day price 319.40, change 0.00
$5 DJIA (YM) end of day price 9,942 change -24
World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7392 to U.S. Dollars 1.3528
Japanese Yen 101.79 to U.S. Dollars 0.0098
British Pound 0.5733 to U.S. Dollars 1.7444
Canadian Dollar 1.1001 to U.S. Dollars 0.9090
Swiss Franc 1.1461 to U.S. Dollars 0.8725
Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) shed $6.07 on the day for a closing price of $87.81 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) shed $0.19 on the day for a closing price of $2.47 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) shed $0.52 on the day for a closing price of $6.84 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) shed $0.17 on the day for a closing price of $2.06 a gallon ($US per gallon)
Metals Markets:
Gold Market Price (COMEX: CMX) gained $33.00 on the day for a closing price of $866.20 ($US per Troy ounce)
Silver (COMEX: CMX) shed $0.04 on the day for a closing price of $11.29 ($US per Troy ounce)
Platinum (NYMEX: NYM) gained $20.70 on the day for a closing price of $986.50 ($US per Troy ounce)
Copper (COMEX: CMX) shed $0.20 on the day for a closing price of $2.49 ($US per pound)
Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) gained 0.05 on the day for a closing price of 66.48
Pork Bellies (Chicago Mercantile Exchange: CME) shed 1.05 on the day for a closing price of 93.05
Live Cattle (Chicago Mercantile Exchange: CME) shed 3.00 on the day for a closing price of 94.78
Feeder Cattle (Chicago Mercantile Exchange: CME) shed 3.00 on the day for a closing price of 97.80
Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) shed 30.00 on the day for a closing price of 424.00
Soybeans (Chicago Board of Trade: CBT) shed 70.00 on the day for a closing price of 922.00
Bond Market:
2 year bond gained 13/32 on the day for a closing price of 101 2/32 with a Yield of 1.44, Yield Change -0.21
5 year bond gained 1 on the day for a closing price of 103 4/32 with a Yield of 2.45, Yield Change -0.21
10 year bond gained 1 6/32 on the day for a closing price of 104 13/32 with a Yield of 3.46, Yield Change -0.14
30 year bond gained 2 7/32 on the day for a closing price of 108 30/32 with a Yield of 3.98, Yield Change -0.12
Is Dow 6,000 Possible?.....
Labels: Dow Jones |I guess the answer to that question would be "In what year?" Certianly not in 2008 if you consult stock market hyper guru Abby Joseph Cohen, the superbull at Goldman Sachs, who maintains that the Dow'll finish 2008 at a level 22 percent higher or 14,755. You do cognize that she makes money by people purchaseing stock don't you?
Back in the real world, the stock market ended on Friday with the Dow Jones industrial average falling 59.91 points, to 12,099.30. That modest decline capped a four-day 678-point plunge that left Wall Street traders and everyday investors wondering if the worst was over.
Abby would of course say YES!
Ah, but there are different voices. David W. Tice, a renowned bear, said Friday that the Dow would sink to 6,000 by the end of the year as the country slides into a recession. Now we're not talking about a small difference here. While their views diverge, both strategists agreed on one point: The wild ride is far from over.
Be prepared for sleepless nights if you decide to invest in this crazy market. Or, you could just purchase several gold coins and go about your business, while sleeping well at night. In whiplash trading, the Dow has fallen 14 percent from its peak in October. While the market has taken deeper dives in the past --- it plummeted 37.8 percent from January 2000 to October 2002, for example --- volatility is approaching its highest levels in several years.
"The R-word is really scaring investors," said Leon Rousso, a certified financial planner in Ventura, Calif. "I've been holding hands and comforting people to get through this and not to panic at a possible recession." Yet a little of analysts warn the news could get much uglier. Earnings forecasts have gone down quite dramatically this year!
"What could lead to greater economic losses or fallout in the market would be further recognized losses or downgrades in the financial sector," said Joe Davis, an economist at the mutual fund company Vanguard Group. "That is the heart of the problem and where the greatest risks lie."
America is also at risk of losing it's Triple A credit rating!
Indeed, while many of the world's largest financial institutions, such as Citigroup, Mejrrill Lynch and UBS, have written down billions of dollars worth of securities linked to mortgages in recent weeks, many investors remain concerned that losses could grow if default levels continue to climb not only on mortgages, but also on credit card bills and auto loans. And, making matters worse, there is mounting concern about the efficacy of companies that sell insurance for bonds, with MBIA and Ambac, to survive.
One would almost have to automatically say that ANYTHING is POSSIBLE with the environment that currently exists world-wide. Whereas in times past America could largely dictate what happened internationally, those days are over.
Is 6,000 possible? Absolutely! Is it probable? Doubtful!
Dow Jones Industrial Average - How's the Stock Market Doing?.....
Labels: Dow Jones |If you have ever listened to a business report on the news, you have heard of the Dow Jones Industrial Average. Established in 1896 by Charles Dow, it's an icon in the trading industry. But what exactly does it mean?
Basically, the Dow Jones Industrial Average's a stock market index that offers a quick way to get a feel for how the stock market is fairing on any given day. It does not offer specifics, but rather, lets us know the general trends that the stock market is following.
The way it is calculated is actually fairly simple. 30 very large companies are selected and the values of their stocks are added together. An average daily value is then derived (the average is scaled using a divisor, which modifies regularly).
The first Dow Jones Industrial Average was comprised of only 12 companies. Of the original 12, only one - General Electric is still used in today's Dow Jones reports. Over the years, the number of stocks included in the average gradually increased.
The Dow has been criticized by several market analysts for not including enough companies to represent overall market performance. Other critics argue that trading on all 30 stocks included in the Dow does not almost always open at the same time every morning, thereby skewing that day's average. Despite these issues however, the Dow Jones Industrial Average has, over the years, consistently performed similarly to the broader US market, which is no doubt why it remains so favorite today.
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