Fed
Stocks were on the rise today as investors anxiously awaited the Fed announcement on monetary policy. In their announcement, the Federal Reserve left its key interest rate near 0% Tuesday and said rates should stay this low for the foreseeable future. Fed also left its discount rate, the rate it charges member institutions for short-term loans, unchanged at 0.75%; the Fed raised the rate in February. As the economy improves, the Fed will need to start increasing interest rates to fend off inflation. Fed officials said inflation is not an immediate problem, and it plans to keep rates low for an "extended period." The U.S. economy is still too weak to raise interest rates any time soon, the fed says the economic outlook is bright. Also in the statement the Fed said that there has been an improvement in the strength of the retail and auto industry, however the housing market is still struggling to get back on track. The Fed's asset purchasing program, a Federal funded program aimed at buying $1.25 trillion worth of mortgage-backed securities will end later this month. Investors didn't respond much to the news, the Dow rose 20 points when the news was first reported only to settle back at a gain of around 17 points with an hour left in the trading session. Trading was volatile and quiet again today as analysts predicted. European finance ministers announced they worked out a plan to help Greece with their current debt situation, over the past couple of months the euro fell more than 9%, but could be back on the rise. Officials said deal would not include loan guarantees, but it would be in line with the union's monetary treaty and all 16 members would participate in the action if necessary. Also helping stocks hold onto gains was the announcement that the ratings agency Standard & Poor's had not lowered Greece's credit rating after saying last month that a downgrade was possible, however the outlook for the debt-stricken nation remains negative. At the end of the day stocks finished with a gain and commodity prices saw mostly gains. Gold rose $17.10 to $1,122.20 and crude oil rose $1.90 to $81.70.
Economic data released today:
Building Permits:
Building Permits fell 1.6% to 612K Rate in February.
Housing Starts:
U.S. January Housing Starts Revised to rise 6.6% from an increase by 2.8%; U.S. February Housing Starts fell 5.9% to 575K; Compared to Consensus of a decrease by 4.7%.
Import Price Index (MoM):
U.S. February Import Prices fell 0.3%; Compared to Consensus of a decrease by 0.2%; U.S. February Non-Petroleum Import Prices rose 0.2%; U.S. February Petroleum Import Prices fell 2.2%.
FOMC Statement:
Fed leaves discount rate unchanged at 0.75%; Fed keeps Fed funds range unchanged at 0.0% to 0.25%; Voted 9-1 for Fed funds rate action, Hoenig dissents; to use policy tools as needed for growth, Stable prices; Businesses spending significantly more, not hiring; household spending expanding, but remains constrained; Financial market conditions remain supportive of growth; Longer-term Inflation expectations stable; inflation expected to remain subdued for some time; Pace of recovery likely to be moderate for a time; Labor market is `stabilizing'; Economic activity has continued to strengthen; Fed funds to stay exceptionally low for extended period; to end mortgage purchases March 31 as U.S. economy improves; Hoenig concerned `extended period' may cause imbalances.
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) gain 43.76 points, EOD 10,685.91
NYSE (New York Stock Exchange) gain 75.68, EOD 7,426.64
National Association of Securities Dealers Automated Quotations (NASDAQ) gain 15.35 points, EOD 2,377.56
S&P 500 (SPX) gain 9.02 points, EOD 1,159.53
BEL 20 (BEL20) gain 22.77 points, EOD 2,631.57
CAC 40 (CAC40) gain 48.04 points, EOD 3,938.95
FTSE100 (UKX100) gain 26.58, EOD 5,620.43
NIKKEI 225 (NIK/O) shed 30.27 points, EOD 10,721.71
New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 2,250, declined stock prices 843, unchanged stock prices 108, stock prices hitting new highs 405 and stock prices hitting new lows 6. 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: NUE gain 0.95, HOD 46.20, LOD 45.05, EOD 46.07; POT gain 2.04, HOD 128.42, LOD 126.53, EOD 126.98; CF shed 0.76, HOD 97.42, LOD 95.10, EOD 95.62; CME gain 0.18, HOD 315.99, LOD 311.98, EOD 314.33; FAS gain 3.40, HOD 92.65, LOD 89.45, EOD 92.54; LTD gain 1.00, HOD 24.85, LOD 23.99, EOD 24.71.
National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,717, declined stock prices 1,039, unchanged stock prices 98, stock prices hitting new highs 211 and stock prices hitting new lows 12. 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: BIDU shed 3.68, HOD 588.00, LOD 571.53, EOD 573.16; ATHN gain 2.42, HOD 41.00, LOD 38.74, EOD 39.71; SQNM shed 1.68, HOD 6.58, LOD 5.98, EOD 6.08; AAPL gain 0.61, HOD 224.98, LOD 222.51, EOD 224.45; WYNN gain 3.16, HOD 73.80, LOD 70.28, EOD 73.63; CFSG shed 1.20, HOD 14.85, LOD 13.51, EOD 14.28.
Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 282, declined stock prices 208, unchanged stock prices 34, stock prices hitting new highs 26 and stock prices hitting new lows 2.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1154.75; Change 9.00
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,930.25; Change 13.25
E-mini DOW $5 (YM) Mar 10: EOD 10,626; Change 50
E-mini S&P MidCap 400 (MF) Mar 10: EOD 787.90; Change 9.00
Nikkei 225 (Yen) Mar 10: EOD 10,740; Change 75
World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7258 to U.S. Dollars 1.3800
Japanese Yen 90.2900 to U.S. Dollars 0.0111
British Pound 0.6555 to U.S. Dollars 1.5300
Canadian Dollar 1.0141 to U.S. Dollars 0.9860
Swiss Franc 1.0534 to U.S. Dollars 0.9490
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (April 10) gain $1.90, EOD $81.70 per barrel ($US per barrel)
Heating Oil (April 10) gain $0.05, EOD $2.11 a gallon ($US per gallon)
Natural Gas (April 10) shed $0.04, EOD $4.35 per million BTU ($US per mmbtu.)
Unleaded Gas (April 10) gain $0.05, EOD $2.28 gallon ($US per gallon)
Metals Markets - Comex:
Gold (April 10) gain $17.10, EOD $1,122.20 ($US per Troy ounce)
Silver (April 10) gain $0.25, EOD $17.33 ($US per Troy ounce)
Platinum (April 10) gain $14.90, EOD $1,628.00 ($US per Troy ounce)
Copper (April 10) gain $0.05, EOD $3.36 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 10) shed $0.05, EOD $71.75
Pork Bellies (April 10) unchanged, EOD $91.00
Live Cattle (Aril 10) shed $0.17, EOD $95.48
Feeder Cattle (April 10) gain $0.05, EOD $102.95
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (May 10) gain $3.50 , EOD $366.75
Soybeans (May 10) gain $15.00, EOD $945.00
Access upcoming scheduled economic data anytime by viewing the Economic Calendar from Millennium-Traders, free access to visitors on our website.
Visitors may subscribe to our free Weekly Market News for a review of the previous weeks trading news plus, view upcoming economic data scheduled for the week ahead.
Review current edition as well as, archives of the News & Commentary plus, view complete details of calls made in our Trading Rooms and stock picks from our Swing Trading service. Traders should review our FREE Monthly Trading Lesson posted on our website.
