Happy Halloween to everyone and hope you all enjoy your fair share of trick or treating. The Bulls had control of the markets today holding nicely in positive territory through out the session. After the Fed announced the cut in short term interest rates by 25 Basis Points, the markets surged higher during the final hours of trading. Crude Oil surged over $94 a barrel today due to the drawdown of Crude Oil supplies. The economy continues to deal with the ongoing housing slump that initiated the first rate cut by the Fed at their last meeting. The drop in interest rates was an effort by the Fed to improve confidence in our ever slowing economic conditions that has struck not only the housing market but also the automotive and financial industries.
At the closing bell, here is how the major indices ended the session: the DOW (Dow Jones Industrial Average) posted a favorable triple digit gain of 137.54 points on the day to end the session at 13,930.01; the NYSE (New York Stock Exchange) posted a triple digit gain of 146.64 points to end the session at 10,311.61; the NASDAQ posted a gain of 42.41 points for a close at 2,859.12: the S&P 500 moved higher by 18.36 points to end at 1,549.38 and the RUSSELL 2000 moved higher by 11.87 points to close at 828.02. 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 world’s investable market capitalization) posted a gain of 3.12 points to close at 279.36 and the FTSE RAFI 1000 posted a gain of 76.21 points to close at 6,354.91.
Federal Open Market Committee released their decision on short term interest rates today: Fed Cuts Discount Rate by 0.25 Basis Points to 5.00% ; Fed Cuts Fed Funds Rate 0.25 Basis Points to 4.50%; Growth, Inflation Risks Balanced; Voted 9-1 for Fed Funds Rate Cut, Hoenig Dissented; Housing likely to Slow Pace of Economic Expansion; Strains in Financial Markets have Eased "Somewhat"; Commodities, Energy put Upward Pressure on Inflation; Upside Inflation Risks Balance Downside Growth Risk; Rate Cuts should Protect Economy from Financial Market Turmoil; Some Inflation Risks Remain, will Continue to Monitor and Will Act "As Needed" to Foster Price Stability, Growth.
ADP Sees October U.S. Private Sector Jobs rise by 106,000.
U.S. Third Quarter Employment Cost Index rose by 0.8% compared to consensus of an increase by 0.9%; U.S. Third Quarter Employment Cost Index rose by 3.3% from year ago; U.S. GDP rose at rate of 3.9% Third Quarter compared to consensus of an increase by 3.2%; Real Final Sales rose 3.5% in Third Quarter; PCE Price Index rose at rate of 1.7% in Third Quarter and Domestic Purchases Price Index rose at rate of 1.6% in Third Quarter.
US MBA Market Index Rises 3.8% to 681.7 from 656.5; US MBA Purchase Index Falls 0.7% to 412.9 from 415.9 and US MBA Refinancing Index Rises 9.2% to 2249 from 2059.3.
Department of Energy released Crude Oil Stockpiles information today: U.S. Crude Oil Stockpiles fell by 3.9 Million Barrels in the week compared to expectations of a rise by 100,000 Barrels; U.S. Gasoline Stockpiles rose by 1.3 Million Barrels in the week compared to expectations of a drop by 400,000 Barrels and U.S. Distillate Stockpiles by 800,000 Barrels in the week compared to expectations of a drop of 1 Million Barrels.
Commodities Markets
The trend was higher across the board today for the Energy Sector: Light crude moved sharply higher today by $4.15 to close at $94.53 a barrel; Heating Oil closed higher by $0.09 today at $2.53 a gallon; Natural Gas moved higher today by $0.31 to close at $8.33 per million BTU and Unleaded Gas moved higher today by $0.09 to close at $2.34 a gallon.
Metals Market ended the session mostly higher across the board today: Gold moved higher today by $8.20 to close at $796.00 an ounce; Silver moved higher by $0.13 to close at $14.46 per ounce; Platinum moved nicely higher today by $6.70 to close at $1,447.60 an ounce and Copper closed lower by $0.01 today at $3.47 per pound.
On the Livestock and Meat Markets, the trend was mostly lower across the board today: Lean Hogs ended the day lower by $0.03 to close at $53.88; Pork Bellies ended the day higher by $1.00 at $84.05; Live Cattle ended the day lower by $0.80 at $94.93 and Feeder Cattle ended the day lower by $1.45 at $108.40.
Other Commodities: Corn moved higher today by $5.25 to close at $375.50 and Soybeans moved sharply higher today by $16.50 to end the session at $1,025.75.
Bonds were lower across the board today: 2 year bond moved lower by 8/32 today to close at 99 12/32; 5 year bond moved lower by 17/32 to close at 99 22/32 today; 10 year bond moved lower by 22/32 today to close at 102 6/32 and the 30 year bond closed lower by 1 6/32 at 104 for the day.
The e-mini Dow ended the session today at 13,932 with a gain of 110 points on the trading session. The total Dow Exchange Volume for the day came in at 106,638 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.
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 2,942,363; Open Interest for Futures moved higher by 5,293 points to close at 9,784,792; the Open Interest for Options moved higher by 210,053 points to close at 8,533,664 and the Cleared Only closed higher by 1,171 points at 11,110 for a total Open Interest on the day of 18,329,566 for a total Change on the day with a gain of 210,517 points.
On the NYSE today, advancers came in at 2,404 decliners totaled 878 unchanged came in at 85; new highs came in at 263 and new lows came in at 79. Gainers and losers for the day as well as active day trading stocks on the NYSE: MasterCard Incorporated (MA) soared higher on the trading session to post a sharp gain of 32.76 points to rise higher by 20.85% with a high on the trading session of $194.78, a low of $174.10 for a final trading price at $189.91; PetroChina Company Limited (PTR) pounded the street to climb higher today by 16.90 points with a high on the day of $263.47, a low of $250.45 for a closing price at the bell of $262.60; FTSE/Xinhua China (FXI) bolted higher on the day to post a gain of 7.09 points with a high on the session of $219.56, a low of $212.40 with a closing price of $218.51; China Petroleum & Chemical Corporation (SNP) posted a sharp gain on the day of 15.79 points for a gain of 10.52% with a high on the day of $169.00, a low of $150.60 for a final trading price at the bell of $165.91 and CommScope Incorporated (CTV) posted a loss today of 5.03 points with a final trading price at $47.17.
On the NASDAQ today, advanced totaled 1,937; decliners totaled 1,068; unchanged came in at 114; new highs came in at 123 and new lows came in at 122. Gainers and losers for the day as well as, active day trading stocks on the NASDAQ: Equinix Incorporated (EQIX) roared higher on the trading day to post a nice gain of 15.72 points for a gain of 15.78% with a high on the trading day of $121.13, a low of $112.00 for a closing price at the bell of $115.24; Shutterfly Incorporated (SFLY) posted a loss on the session of 3.08 points for a closing price at the bell of $33.32; Wynn Resorts Limited (WYNN) moved sharply lower on the trading day for a loss of 8.04 points with a high on the day of $162.75, a low of $155.00 with a final trading price of $159.85; SiRF Technology Holdings Incorporated (SIRF) moved nicely higher on the day with a gain of 6.52 points to climb higher by 27.98% for a closing price at $29.82; FARO Technologies Incorporated (FARO) posted a heavy loss of 9.32 points for a move lower by 24.47% with a high on the day of $31.10, a low of $25.25 for a final trading price of $28.76; Buffalo Wild Wings Incorporated (BWLD) took a sharp dive on the session with a loss of 8.25 points to shed 21.20% for a closing price of $30.66; Huron Consulting Group Incorporated (HURN) fell hard today with a loss of 10.28 points to shed 12.82% with a high on the session of $70.50, a low of $58.35 for a final price at the bell of $69.88; Garmin Limited (GRMN) shed 13.08 points on the day for a loss of 10.86% with a high on the day of $116.00, a low of $106.88 for a final trading price at $107.40 and DryShips Incorporated (DRYS) made a nice rebound today to tack on 9.86 points with a high on the day of $119.25, a low of $110.16 for a closing price of $117.86.
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