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Economy

Economic Data (USA)

Monday, July 03, 2006

An Increased Likelihood that the Fed Will Stop Raising Rates Helped All 3 Majors Advance Today

A Commerce Department report indicating slower-than-expected Construction Spending in May contributed to the 3 major indices gaining ground today: sluggish construction spending may help to convince the Fed to stop raising interest rates. 765,554,700 shares were traded @ The New York Stock Exchange®, which closed 3 hours early today.


Shares of Dow Jones Industrial Average (DJIA) component IBM (IBM) gained $1.20 (+1.56%) to close @ $78.02.

Shares of DJIA component JP Morgan Chase (JPM) gained $1.21 (+2.90%) to close @ $42.87.


Shares of Newmont Mining (NEM) added $2.59 (+4.89%) to close @ $55.52.

Shares of Freeport-McMoRan Copper & Gold (FCX) gained $3.12 (+5.63%) to close @ $58.53.


Shares of Summit Bancshares (SBIT) gained $6.01 (+28.34%) to close @ $27.22.

Shares of Simclar (SIMC) gained $1.91 (+17.95%) to close @ $12.55.

Shares of Encore Medical (ENMC) gained $1.49 (+30.98%) to close @ $6.30 on news that Blackstone will purchase Encore, in a deal worth an estimated $465 million.


Shares of Qiao Xing Universal Telephone (XING) gained $1.65 (+16.92%) to close @ $11.40.

Shares of ZEVEX International (ZVXI) gained $2.20 (+13.58%) to close @ $18.40.

Shares of Hittite Microwave (HITT) gained $4.72 (+13.05%) to close @ $40.88.

Shares of EZCORP Inc (EZPW) gained $5.16 (+13.69%) to close @ $42.85.


Shares of America Movil SA (AMX) gained $2.07 (+6.22%) to close @ $35.33.


Shares of Grupo Televisa SA (TV) gained $1.15 (+5.96%) to close @ $20.46.


Shares of Millicom International Cellular (MICC) fell by $12.10 (-26.63%) to close @ $33.33 on news that the company won't be sold, as many investors were expecting.


Shares of Merge Healthcare (MRGE) fell by $5.01 (40.70%) to close @ $7.30 on news that interim CEO William C. Mortimore, CFO Scott T. Veech, and senior VP David M. Noshay have resigned, and that the company will need to restate earnings from the past four years.


Shares of Deluxe Corp (DLX) fell by $2.46 (-14.07%) to close @ $15.02.

Shares of GameStop Corp (GME) fell by $2.23 (-5.31%) to close @ $39.77.


Summary of The U.S. Markets:

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

DJIA: Closed @ 11,228.02 (+77.80)

NASDAQ: Closed @ 2,190.43 (+18.34)

S&P 500: Closed @ 1,280.19 (+9.99)

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NYMEX Crude Oil Future is currently @ $73.93/barrel

NY Spot Gold gained $10.30 to close @ $623.70/ounce

In New York, The U.S. Dollar buys 0.7807 Euros

In New York, The Euro buys 1.2808 U.S. Dollars

The U.S. Prime Rate (WSJ Prime Rate) is 8.25%


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