During the early morning session, it appeared that the Bears had the upper hand for the day however, as the day moved forward, into the late afternoon trading period, the Bulls stampeded in to move the markets higher, into the close. Trading ranges were highly improved through the trading day as well as moderate to heavy trading volume. At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a gain of 90.07 points to end the session at 13,427.73; the NYSE (New York Stock Exchange) posted a gain of 74.62 points to end at 9,848.91; the NASDAQ posted a gain of 31.19 points for a close at 2,605.35; the S&P 500 moved higher by 13.45 points to end at 1,506.34 and the RUSSELL 2000 moved higher by 12.33 points to close at 819.38.
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 lower by 0.85 to close at 258.02 and the FTSE RAFI 1000 posted a gain of 59.12 points to close at 6,332.19.
Chicago Fed Midwest Manufacturing Index reported down 0.2% in May versus April and Chicago Fed Midwest Manufacturing Index reported up 0.3% versus May 2006.
Chicago Fed Index: May Output falls in 3 of 4 Manufacturing Sectors and only Steel Sector Posts Output Gain.
U.S. Treasury Secretary Henry M. Paulson commented today: Treasury plans to launch review of U.S. Regulatory System; Treasury announces next steps in Cap Markets competitiveness plan; would like to move faster on Cap Markets reform; doesn't see U.S ever adopting UK FSA model; tax reform should not single out one industry; protectionist backlash biggest economic issue; Bush tax cuts have not increased inequality; U.S. as well as Global Economies strong; market stress a 'wake-up call'; market volatility is normal; market rates still low; financial system liquid, healthy and U.S. very well positioned to face global competition.
U.S. Energy Secretary commented today: remains concerned over oil supplies to the U.S.
MBA Purchase Applications: Compilation from the Mortgage Bankers’ Association of various mortgage loan indexes. This data is the leading indicator for single-family home sales as well as, housing construction. Released today for week of June 22nd, Purchase Index Level came in at 428.9.
Durable Goods Orders: Reflecting new orders with domestic manufactures for immediate and future delivery of factory hard goods. Data released today: U.S. May Durable Goods Orders fell by 2.8% compared to consensus of a drop by 0.8%; May Durable Goods Orders, Excluding Defense fell by 3.2%; May Durable Goods Orders, Excluding Transportation fell by 1.0% and April Durable Goods Orders were revised to an increase by 1.1% from an increase by 0.8%.
EIA Petroleum Status Report: EIA (Energy Information Administration) provides weekly petroleum inventories in the United States whether they are produced here or abroad. Prices for petroleum products are determined by the level of inventories. As reported by the Department of Energy today: U.S. Refineries ran at 89.4% compared to expectations of 0.8 Pt. at 88.4% and U.S. Gasoline Stockpiles fell by 700,000 Barrels in the week compared to expectations of an increase by 1.1 Million Barrels.
The trend was higher across the board today for the Energy Sector: Light crude moved higher by $1.20 today to close at $68.97 a barrel; Heating Oil ended the session higher by $0.03 to close at $2.03 a gallon; Natural Gas moved higher by $0.08 today to close at $7.08 per million BTU and Unleaded Gas moved higher by $0.01 on the session to close at $2.25 a gallon.
Metals Market ended the session mixed across the board today: Gold moved lower today for a loss of $0.50 to close at $644.80 an ounce; Silver closed lower today by $0.07 at $12.33 an ounce; Platinum moved higher for a gain today of $5.80 to close at $1,283.80 an ounce and Copper moved higher by $0.04 today to close at $3.35 per pound.
On the Livestock and Meat Markets, the trend was higher across the board today: Lean Hogs ended the day higher by 0.33 to close at 71.65; Pork Bellies ended the day higher by 0.50 to close 94.15; Live Cattle moved higher by 0.63 to close at 89.25 and Feeder Cattle ended the day higher by 0.93 at 108.58.
Other Commodities: Corn moved lower today with a loss of 13.00 for a close at 362.00 and Soybeans moved lower today to post a loss of 4.50 to end the session at 837.50.
The e-mini Dow ended the session higher today, with a favorable gain of 124 points to close at 13,524. The total Dow Exchange Volume for the day came in at 225,883 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT
(Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.
Bonds were mixed across the board today: 2 year bond closed lower by 2/32 at 99 30/32; 5 year bond closed lower by 1/32 at 99 1/32; 10 year bond closed at 95 16/32 and the 30 year bond closed higher by 4/32 at 93 9/32.
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 4,108,827; Open Interest for Futures moved lower by 54,228 points to close at 9,813,594; the Open Interest for Options moved higher by 154,831 points to close at 7,658,917 and the Open Interest for OTC closed with no change again today at 5,787 for a total Open Interest of 17,478,298 for a total gain on the day by 100,603 points.
On the NYSE today, advancers came in at 2,397; decliners totaled 837; unchanged came in at 96; new highs came in at 58 and new lows came in at 130. Gainers and losers for the day on the NYSE: Chicago Mercantile Exchange Holdings (CME) climbed steadily higher through out the trading session to tack on a gain of 11.25 points, with a high of $542.60, a low of $526.10 for an end of trading day closing price on the Big Board of $542.16; Core Laboratories N.V. (CLB) rallied higher on the session for a gain of 7.53 points on the day with a high of $99.63, a low of $94.00 to close the session at $98.62; InterOil Corporation (IOC) fell sharply on the trading session to shed 14.21% on the day for a loss of 4.31 points to close the day at $26.02; UniFirst Corporation (UNF) bolted higher on the trading session for a gain of 14.20% with a high of $48.00, a low of $42.07 to tack on 5.75 points for the day to close the session at $46.25 and Terra Nitrogen Company L.P. (TNH) moved sharply lower on the trading session to give up 11.36 points for a loss of 8.63% with a high of $131.01, a low of $120.11 for a closing price of $120.20.
On the NASDAQ today, advanced totaled 2,086, decliners totaled 936; unchanged came in at 143; new highs came in at 83 and new lows came in at 88. Gainers and losers for the day on the NASDAQ: Guitar Center Incorporated (GTRC) rallied higher on the day for a gain of 19.82% to tack on 9.92 points to close the day at $59.98; Given Imaging Limited (GIVN) posted a favorable gain on the day of 10.76% to pick up 2.87 points for a closing price of $28.37 and SurModics Incorporated (SRDX) rallied nicely on the day by 7.21 points for a gain of $19.30% with a closing price of $44.57.
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