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Economy

Economic Data (USA)

Friday, March 24, 2006

All 3 Majors Gained Today As Concerns About Future Interest Rate Hikes Abated

All 3 major indexes advanced today as slower-than-expected new home sales in February eased investor concerns about Bernanke & Co. raising the key Fed Funds Rate beyond 5%. 1,481,904,520 shares were traded @ The New York Stock Exchange® today.

For the week, The Dow Jones Industrial Average (DJIA) experienced no significant movement either way, The NASDAQ Composite Index gained 0.3% and The S&P 500 Index fell by 0.3%.


Canada's #1 coffee and doughnut chain operator Tim Hortons debuted on The New York Stock Exchange®, gaining $5.01 (21.6%) to close @ $28.17. The company sold $671.7 million of stock yesterday evening in the IPO. Tim Hortons is owned by Wendy's International.


Shares of Cephalon fell by $9.51 to close @ $63.80 on news that the FDA isn't going to approve the company's ADHD drug.


Shares of Google gained $23.91 (6.99%) to close @ $365.80 thanks to recent news that the stock will be listed on the S&P 500 Index after March 31, 2006.


Shares of Tellabs gained $1.11 or 7.79% to close @ $15.35.


Shares of Apollo Group fell by $2.12 to close @ $51.60. Apollo is the U.S. #1 for-profit education company.


Summary of The New York Markets:

----------------------------------------------------------

DJIA: Closed Higher @ 11,279.97 (+9.68)

NASDAQ: Closed Higher @ 2,312.82 (+12.67)

S&P 500: Closed Higher @ 1,302.95 (+1.28)

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NYMEX Crude Oil Future closed @ $64.26/barrel

New York Spot Gold closed Higher @ $560.20/ounce

Currently, The U.S. Dollar buys 0.8308 Euros

Currently, The Euro buys 1.2036 U.S. Dollars

The U.S. Prime Rate is 7.5%


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