With the markets continuing their trend into higher territory, at the hand of the Bulls, trading ranges were moderate and trading volume was light during the trading session today. Not a very active trading day ahead of the dreaded, Quadruple Witching trading session on tap for tomorrow. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain of 71.38 points to end the session at 13,553.73; the NYSE (New York Stock Exchange) posted a gain of 63.29 points to end at 9,926.79 the NASDAQ posted a gain of 17.10 points today for a close at 2,599.41; the S&P 500 moved higher by 7.30 points to end at 1,522.97 and the RUSSELL 2000 moved higher by 4.58 points to close at 837.12 The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the worlds investable market capitalization) moved higher by 2.19 to close at 259.90 and the FTSE RAFI 1000 posted a gain of 31.73 points to close at 6,392.89.
Energy Information Administration Chief released these comments today: gasoline inventories to remain tight; sees gasoline price volatility throughout summer; sees need for more refinery investment and gasoline market well supplied if no major outages, storms.
U.S. Energy Secretary commented today: Hopes OPEC will mull new crude demand data and OPEC should increase oil supply if appropriate.
OPEC Secretary General and OPEC Issues Statement On State Of Oil Market today: Global Oil Stockpiles in a healthy shape; Stocks, OPEC capacity can meet higher demand; no need for further OPEC Crude Supplies now; OPEC to maintain its current 30M B/D Output Level and OPEC will help ease any future market tightness.
Federal Reserve Board Member, Randall S. Kroszner commented today: regulating sub-prime lending a fine line and Fed `seriously` considering new sub-prime rules.
U.S. Treasury Secretary Henry M. Paulson Jr. commented today: market volatility will always be present; borrowers need to be more conscious of risks and lenders need to be more vigilant.
Economic data released for the day:
Jobless Claims: A weekly compilation of new unemployment claims to show the number of individuals who filed for unemployment insurance for the first time. The condition of the labor market is determined by an increase of the number of claims which suggests a deteriorating labor market. As released today: U.S. Continuing Claims for week of June 2nd fell by 43K to 2,487,000 and U.S. Jobless Claims for week of June 9th remain unchanged at 311K compared to survey of an increase by 6K.
Producer Price Index: A measure of the average price level for a fixed basket of consumer and capital goods paid by producers is the PPI. As released today: U.S. May Producer Prices rose by 0.9% compared to consensus of an increase by 0.6%; U.S. May Passenger Car Prices fell by 0.2%; U.S. May PPI Energy Prices rose by 4.1%; U.S. May PPI Crude Goods rose by 2.0%; U.S. May PPI Core Crude Goods rose by 0.1%; U.S. May PPI Intermediate Goods rose by 1.1%; U.S. May PPI Core Intermediate Goods rose by 0.4%; U.S. May PPI Excluding Food and Energy rose by 0.2% as compared to consensus of an increase by 0.2% and U.S. April PPI was left unrevised at an increase by 0.7%.
Quarterly Services Survey: Provided by the Census Bureau, the information includes: professional, scientific and technical services, administrative, support services, waste management and remediation services. As released today: Information Revenue quarter over quarter fell by 5.5% and Information Revenue year over year came in at 1.6%.
EIA Natural Gas Report: Weekly information provided by the EIA (Energy Information Administration) on natural gas stock piles in underground storage in the United States and three regions of the country. Prices for natural gas products are determined by the level of inventories. As released by the EIA today, for week of June 9th weekly change came in at 92 Bcf.
The trend was higher across the board today for the Energy Sector: Light crude moved higher by $1.39 today to close at $67.65 a barrel; Heating Oil moved higher by $0.05 again today to close at $2.02 a gallon; Natural Gas moved higher by $0.18 today to close at $8.02 million BTU and Unleaded Gas moved higher by $0.07 today to close at $2.1622 a gallon.
Metals Market ended the session higher across the board today: Gold moved higher today for a gain of $3.20 to close at $655.90 an ounce; Silver closed higher by $0.11 at $13.17 an ounce; Platinum moved higher today by $3.50 to close at $1,287.00 an ounce and Copper moved higher today by $0.07 to end at $3.39 per pound.
On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by 0.73 to close at 75.40; Pork Bellies ended the day higher by 2.23 to close 99.20; Live Cattle moved higher by 1.00 to close at 90.55 and Feeder Cattle ended the higher by 0.98 today to close at 107.58.
Other Commodities: Corn moved higher today for a gain of 2.50 to close at 417.50 and Soybeans moved higher for a gain of 1.25 points to end the day at 861.50.
The e-mini Dow ended the session higher today, with a gain of 85 points to close at 13,690. The total Dow Exchange Volume for the day came in at 208,162 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
Bonds were mostly lower across the board today: 2 year bond closed with no change at 99 19/32; 5 year bond closed lower by 1/32 at 98 8/32; 10 year bond closed lower by 2/32 at 94 16/32 and the 30 year bond closed lower by 29/32 at 91 29/32.
The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 7,165,433; Open Interest for Futures moved higher by 9,827 points to close at 10,153,168; the Open Interest for Options moved higher by 281,148 points to close at 8,453,565 and the Open Interest for OTC closed higher by 84 to end at 4,965 for a total Open Interest of 18,611,698 for a total gain on the day by 291,059.
On the NYSE today, advancers came in at 2,097; decliners totaled 1,143; unchanged came in at 107; new highs came in at 214 and new lows came in at 46. Gainers and losers for the day on the NYSE: Rio Tinto plc (RTP) posted another nice gain today by 7.56 points for a high of $304.97, low of $298.98 to close at $302.75; ITT Educational Services Incorporated (ESI) moved sharply lower on the trading session by 6.42 points with a high of $117.01, low of $111.01 for a closing price on the session at $112.38; Terra Nitrogen Company L.P. (TNH) posted another gain on the Big Board today of 5.20 points with a high of $106.55, a low of $99.50 to close the trading day at $103.71; Suncor Energy Incorporated (SU) was an active day trading stock today with a posted gain at the close of 3.13 points to end the trading day at $90.13 and Petroleo Brasileiro S.A. (PBR) made another run higher on the trading day by 5.20 points to end the session at $118.34.
On the NASDAQ today, advanced totaled 1,805 decliners totaled 1,205; unchanged came in at 153; new highs came in at 110 and new lows came in at 45.