Mortgage Bailout
The markets were all over the board today, playing both the positive and negative trading zone throughout the trading session. Financial stocks were taking a hit once again today as rumors circulated about, probably to the advantage of those playing the stocks, Freddie Mac (NYSE: FNM) and Fannie Mae (NYSE: FRE). Freddie and Fannie both took a beating today on the circulating rumors about what the government will or will not do regarding the bailout of the two mortgage firms. Investors are waiting with little patience for the Fed to speak out on the two companies, as to what their true intentions actually are regarding their desperately needed bail out. The situation between Russia and Georgia appears to be heating up as Russia now says they have no plans on pulling out of Georgia. Surprisingly, the markets are showing little reaction to this news however, it appears that its only a matter of time before the seriousness of the situation, begins to take its toll on Wall Street.
Economic data released today:
Mortgage Bankers' Association (MBA) Purchase Applications: MBA Mortgage rates fell last week, yet did not inspire more borrowers to apply for a mortgage, according to the Mortgage Bankers Association's latest survey. MBA Application volume fell a seasonally adjusted 1.5% for the week ending August 15 compared with the previous week. Volume was down 34.2%, compared with the same week a year ago. Volume of refinance applications fell an unadjusted 3.7% compared with the week before while the volume of applications to purchase a home fell a seasonally adjusted 0.4%. Four-week moving average for all mortgages was down 4% and Refinance applications made up 34.8% of all applications which were down from 35.2% for the previous week. Adjustable-rate mortgages made up 8% of all applications which was higher from 7.3%.
Hot Stock picks on the move today for day trading:
Energy Conversion Devices Incorporated (NasdaqGS: ENER) and Devon Energy Corporation (NYSE: DVN). Energy Conversion was higher by over 10 points at the closing bell after spending the trading session in the hands of long traders who rode the stock steadily higher through out the trading session. Devon Energy was higher by over 6 points and almost followed the same trend as Energy Conversion although, had some generally flat time during the trading session today.
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 session on the world market as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) gain of 69.12 points on the day to end the trading session at 11,417.67
NYSE (New York Stock Exchange) gain of 64.44 points to end the trading session at 8,276.91
NASDAQ gain of 4.72 points to end the trading session at 2,389.08
S&P 500 gain of 7.87 points to end the trading session at 1,274.56
FTSE All-World excluding - U.S. gain of 1.16 points to end the trading session at 217.50
FTSE RAFI 1000 gain of 13.65 points to end the trading session at 4,975.79
BEL 20 (BEL20) loss of 1.88 points to end the trading session at 3,000.52
CAC 40 (CAC40) gain of 33.08 points to end the trading session at 4,365.98
FTSE100 (UKX100) gain of 51.4 points to end the trading session at 5,371.80
NIKKEI 225 (NIK/O) loss of 13.36 points on the day to end the trading session at 12,851.69
New York Stock Exchange (NYSE) stock market indicators for the day:
Advanced stock prices 1,637; declined stock prices 1,524; unchanged stock prices 101; stock prices hitting new highs 10 and stock prices hitting new lows 99.
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: XTO Energy Incorporated (NYSE: XTO) stock price gained 3.48 points on the trading session, high on the trading session $50.77, low on the trading session $47.60 for a closing stock price at $50.28; Devon Energy Corporation (NYSE: DVN) stock price gained 6.31 points on the trading session, high on the trading session $104.15, low on the trading session $98.74 for a closing stock price at $103.80; Franklin Resources Incorporated (NYSE: BEN) stock price shed 0.61 points on the trading session, high on the trading session $100.50, low on the trading session $97.20 for a closing stock price at $99.51; Consol Energy Incorporated (NYSE: CNX) stock price gained 3.82 points on the trading session, high on the trading session $70.63, low on the trading session $66.00 for a closing stock price at $68.92; VeriFone Holdings Incorporated (NYSE: PAY) stock price gained 4.67 points on the trading session, high on the trading session $19.90, low on the trading session $17.77 for a closing stock price at $19.40; Rio Tinto plc (NYSE: RTP) stock price gained 20.50 points on the trading session, high on the trading session $380.48, low on the trading session $366.48 for a closing stock price at $378.59; BJ's Wholesale Club Incorporated (NYSE: BJ) stock price shed 2.97 points on the trading session, high on the trading session $38.98, low on the trading session $37.11 for a closing stock price at $37.71; Freeport-McMoran Cooper & Gold Corporation (NYSE: FCX) stock price gained 6.39 points on the trading session, high on the trading session $91.25, low on the trading session $87.47 for a closing stock price at $91.09; LDK Solar Corporation Limited (NYSE: LDK) stock price gained 3.10 points on the trading session, high on the trading session $47.95, low on the trading session $44.30 for a closing stock price at $47.30; Ultrashort Financial Corporation (NYSE: SKF) stock price shed 2.69 points on the trading session, high on the trading session $137.00, low on the trading session $129.00 for a closing stock price at $129.30; CME Group Incorporated (NYSE: CME) stock price gained 5.46 points on the trading session, high on the trading session $343.42, low on the trading session $336.41 for a closing stock price at $342.01; MasterCard Incorporated (NYSE: MA) stock price gained 4.75 points on the trading session, high on the trading session $243.99, low on the trading session $238.56 for a closing stock price at $243.32; WellCare Health Plans Incorporated (NYSE: WCG) stock price shed 0.81 points on the trading session, high on the trading session $42.60, low on the trading session $40.75 for a closing stock price at $41.56; Mosaic Company (NYSE: MOS) stock price gained 3.41 points on the trading session, high on the trading session $107.52, low on the trading session $103.50 for a closing stock price at $106.91; United States Steel Corporation (NYSE: X) stock price gained 6.29 points on the trading session, high on the trading session $142.41, low on the trading session $135.78 for a closing stock price at $142.41; Agrium Incorporated (NYSE: AGU) stock price gained 3.17 points on the trading session, high on the trading session $84.93, low on the trading session $82.53 for a closing stock price at $84.71.
National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators today:
Advanced stock prices 1,390; declined stock prices 1,437; unchanged stock prices 151; stock prices hitting new highs 14; stock prices hitting new lows 71.
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: Novatel Wireless Incorporated (NasdaqGS: NVTL) stock price shed 1.99 points on the trading session, high on the trading session $7.00, low on the trading session $6.05 for a closing stock price at $6.40; Energy Conversion Devices Incorporated (NasdaqGS: ENER) stock price gained 4.93 points on the trading session, high on the trading session $77.94, low on the trading session $70.63 for a closing stock price at $75.33; Fuel Systems Solutions Incorporated (NasdaqGS: FSYS) stock price shed 3.59 points on the trading session, high on the trading session $60.34, low on the trading session $54.15 for a closing stock price at $55.99; Baidu.com Incorporated (NasdaqGS: BIDU) stock price gained 12.34 points on the trading session, high on the trading session $324.00, low on the trading session $313.51 for a closing stock price at $321.18; First Solar Incorporated (NasdaqGS: FSLR) stock price gained 14.26 points on the trading session, high on the trading session $273.80, low on the trading session $258.45 for a closing stock price at $273.00; Google Incorporated (NasdaqGS: GOOG) stock price shed 5.50 points on the trading session, high on the trading session $496.69, low on the trading session $482.57 for a closing stock price at $485.00.
Market trends on the American Stock Exchange (AMEX) and stock market indicators for today:
Advanced stock prices 596; declined stock prices 542; unchanged stock prices 100; stock prices hitting new highs 7; stock prices hitting new lows 43.
Chicago Board of Trade Futures Market activity for the day, at time of this posting for September 2008 Contracts:
E-mini S&P 500 (ES) end of day price 1,273.75 change 5.25
E-mini NASDAQ-100 (NQ) end of day price 1,915.50, change -3.75
E-mini S&P SmallCap 600 (SMP) end of day price 384.00, change 1.00
$5 DJIA (YM) end of day price 11,406, change 50
World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.6781 to U.S. Dollars 1.4747
Japanese Yen 109.76 to U.S. Dollars 0.0091
British Pound 0.5372 to U.S. Dollars 1.8614
Canadian Dollar 1.0612 to U.S. Dollars 0.9423
Swiss Franc 1.0988 to U.S. Dollars 0.9101
Commodity Markets:
Energy Sector: Light Crude (NYMEX: NYM) gained $0.45 on the day for a closing price of $114.98 a barrel ($US per barrel)
Heating Oil (NYMEX: NYM) gained $0.04 on the day for a closing price of $3.19 a gallon ($US per gallon)
Natural Gas (NYMEX: NYM) gained $0.10 on the day for a closing price of $8.18 per million BTU ($US per mmbtu.)
Unleaded Gas (NYMEX: NYM) gained $0.05 on the day for a closing price of $2.91 a gallon ($US per gallon)
Metals Markets:
Gold Market Price (COMEX: CMX) shed $0.50 on the day for a closing price of $816.30 ($US per Troy ounce)
Silver (COMEX: CMX) shed $0.07 on the day for a closing price of $13.15 ($US per Troy ounce)
Platinum (NYMEX: NYM) gained $17.60 on the day for a closing price of $1,368.90 ($US per Troy ounce)
Copper (COMEX: CMX) shed $0.03 on the day for a closing price of $3.40 ($US per pound)
Livestock and Meat Markets (cents per lb.):
Lean Hogs (Chicago Mercantile Exchange: CME) shed 0.15 on the day for a closing price of 75.10
Pork Bellies (Chicago Mercantile Exchange: CME) shed 0.73 on the day for a closing price of 99.25
Live Cattle (Chicago Mercantile Exchange: CME) gained 0.18 on the day for a closing price of 104.83
Feeder Cattle (Chicago Mercantile Exchange: CME) shed 0.40 on the day for a closing price of 113.18
Other Commodities (cents per bushel):
Corn (Chicago Board of Trade: CBT) gained 10.50 on the day for a closing price of 595.00
Soybeans (Chicago Board of Trade: CBT) gained 24.00 on the day for a closing price of 1,300.50
Bond Market:
2 year bond gained 3/32 on the day for a closing price of 100 30/32 with a Yield of 2.25, Yield Change -0.05
5 year bond gained 7/32 on the day for a closing price of 101 21/32 with a Yield of 3.01, Yield Change -0.04
10 year bond gained 10/32 on the day for a closing price of 101 21/32 with a Yield of 3.79, Yield Change -0.01
30 year bond gained 9/32 on the day for a closing price of 100 27/32 with a Yield of 4.44, Yield Change 0.00
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