Daily Market Commentary for April 6, 2010
Massey
Shares of Massey energy fell over 9% today after an explosion in one of it’s mines killed 25 people yesterday afternoon. Massey Energy’s Upper Big Branch mine, located in West Virginia experienced one of the largest mine explosions in 25 years. Last night the cause of the underground explosion was still unknown but in a report this morning, methane gas was being named as the reason for the blast. It has been reported that the same mine, located 30 miles south of Charleston, has been fined by federal inspectors for more than $382,000 for repeated safety violations for not properly ventilating highly combustible methane. Massey’s five-year credit default swaps rose to 385 basis points from 365 basis points, after the explosion. It was reported that Massey had a 2009 net income of $104.4 million, up from the $47.8 million the company earned in 2008. Before the explosion on Monday, shares of Massy hit a 52 week high of $54.80 a share, today shares were trading in the $48 dollar range. Massey Energy operates 44 mines, ranking it the fourth-largest U.S. coal company. The company said it will not be commenting on the accident at this time, their main focus now are the victims families and of course the recovery. Stocks were mixed today, with little momentum; there was a little action when the fed released their FOMC minutes. Dow Jones industrials was within points of hitting the 11,000 mark; it hasn’t hit that level in 18 months. Commodity prices rose again today; gold rose $2.20 to $1,135.10 an ounce and crude oil rose $0.22 to $86.84 a barrel. There was little economic data released today to help give stocks a boost, but at the end of the day the Dow was down and the Nasdaq ended in the positive.
Comments from Treasury Secretary Timothy Geithner:
Prospects of U.S., Indian economies encouraging; Global economies starting to come out of recession; U.S. now borrowing significantly less globally; U.S. engaged in restoring fiscal sustainability; U.S. restructuring, reforming financial system; India has emerged from global crisis faster, stronger; India, U.S. must share economic growth gains with all citizens; India, U.S. cooperation critical for stable global financial system; Cooperation also key to more open global trading system; Need to make IMF, World Bank more representatives; Aim to make a stronger, open multilateral trading system; U.S. economy expanding faster than anticipated; Committed to strong set of global standards for financial system; Yuan revaluation China’s choice, judgment; India managed flexible exchange rate successfully; Global economic recovery looks quite strong now; China will resume to move toward a flexible exchange rate; Probability of double-dip global recession minimum.
Richmond Federal Reserve President Jeffrey Lacker:
Pretty comfortable’ won’t see another dip in economy; Obviously the economy is picking up; at some point’ will have to normalize policy; Asset sales logical place to start if want to drain; Must get to point of holding treasury’s only; Comfort with Fed’s extended period language.
Economic data released today:
Redbook:
U.S. Retail Sales rose 5.2% Week Ended April 3 versus Year Ago; U.S. Retail Sales First 5 Weeks April rose 3.9% versus April versus Year-Ago; U.S. Retail Sales First 5 Weeks April rose 1.5% versus March.
FOMC Meeting Minutes:
Fed cautious about tightening too early; Economy expanded at moderate pace in early ’10; Inflation may be slowing more than expected; Substantial slack to keep inflation subdued for some time; Nearly all members wanted repeat of extended period language; A few members see more risk if rates rise too early; Labor market might be stabilizing; As a downside, housing activity flat; Redeeming Treasuries may bring higher market rates; Financial conditions modestly more supportive of growth; To continue reinvesting all maturing Treasury’s for now; Redeeming Treasury’s may limit need for other reserve-draining; Extended period gives enough policy flexibility.
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) shed 3.10 points, EOD 10,970.45
NYSE (New York Stock Exchange) gain 3.50, EOD 7,604.43
National Association of Securities Dealers Automated Quotations (NASDAQ) gain 7.1 points, EOD 2,436.63
S&P 500 (SPX) gain 2.06 points, EOD 1,189.50
BEL 20 (BEL20) gain 16.1 points, EOD 2,696.66
CAC 40 (CAC40) gain 19.71 points, EOD 4,053.94
FTSE100 (UKX100) gain 35.46 points, EOD 5,369.12
NIKKEI 225 (NIK/O) shed 56.78, EOD 11,282.32
New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 1,727, declined stock prices 1,354, unchanged stock prices 109, stock prices hitting new highs 473 and stock prices hitting new lows 8. 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: MEE shed 6.24, HOD 50.48, LOD 48.25, EOD 48.45; PHM shed 0.28, HOD 11.25, LOD 10.91, EOD 11.16; ICE shed 3.32, HOD 108.95, LOD 105.65, EOD 107.07; FAS gain 3.46, HOD 106.23, LOD 101.41, EOD 105.67; CME shed 0.22, HOD 318.30, LOD 310.62, EOD 316.90.
National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,513, declined stock prices 1,168, unchanged stock prices 131, stock prices hitting new highs 230 and stock prices hitting new lows 13. 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: AMZN gain 4.07, HOD 136.00, LOD 131.18, EOD 135.56; CREE shed 0.56, HOD 77.50, LOD 75.41, EOD 77.07; PCLN gain 3.95, HOD 262.96, LOD 255.15, EOD 261.60; AAPL gain 1.05, HOD 240.24, LOD 237.00, EOD 237.00; WYNN shed 0.54, HOD 83.20, LOD 81.32, EOD 81.74; BIDU gain 18.11, HOD 619.41, LOD 596.75, EOD 619.41.
Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 298, declined stock prices 204, unchanged stock prices 43, stock prices hitting new highs 39 and stock prices hitting new lows 4.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1185.25; Change 2.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,979.50; Change 6.00
E-mini DOW $5 (YM) Mar 10: EOD 10,910; Change 1
E-mini S&P MidCap 400 (MF) Mar 10: EOD 812.30; Change 4.90
Nikkei 225 (Yen) Mar 10: EOD 11,320; Change -55
World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7460 to U.S. Dollars 1.3400
Japanese Yen 93.7350 to U.S. Dollars 0.0106
British Pound 0.6545 to U.S. Dollars 1.5300
Canadian Dollar 1.0002 to U.S. Dollars 0.9990
Swiss Franc 1.0683 to U.S. Dollars 0.9358
COMMODITY MARKETS:
Energy Sector – Nymex:
Light Crude (May 10) gain $0.22, EOD $86.84 per barrel ($US per barrel)
Heating Oil (May 10) gain $0.00, EOD $2.27 a gallon ($US per gallon)
Natural Gas (May 10) shed $0.18, EOD $4.10 per million BTU ($US per mmbtu.)
Unleaded Gas (May 10) shed $0.00, EOD $2.35 gallon ($US per gallon)
Metals Markets – Comex:
Gold (May 10) gain $2.20, EOD $1,135.10 ($US per Troy ounce)
Silver (May 10) shed $0.18, EOD $17.92 ($US per Troy ounce)
Platinum (May 10) shed $5.30, EOD $1,698.50 ($US per Troy ounce)
Copper (May 10) shed $0.01, EOD $3.61 ($US per pound)
Livestock and Meat Markets – Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (May 10) gain $0.40, EOD $76.62
Pork Bellies (May 10) shed $2.85, EOD $95.68
Live Cattle (May 10) shed $0.07, EOD $97.25
Feeder Cattle (May 10) shed $0.45, EOD $112.20
Other Commodities – Chicago Board of Trade (cents per bushel):
Corn (May 10) gain $0.75, EOD $346.50
Soybeans (May 10) gain $8.50, EOD $944.50
Similar Posts:
