All 3 Majors Declined As Crude Neared $62

All 3 major indexes retreated today as the price on a barrel of petroleum for future delivery jumped back up to near $62. 1,715,492,140 shares were traded @ The New York Stock Exchange®.


Summary of The U.S. Markets:

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DJIA: Closed @ 12,192.45 (-15.14)

NASDAQ: Closed @ 2,374.64 (-10.50)

S&P 500: Closed @ 1,391.97 (-3.44)

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NYMEX Crude Oil Future is currently @ $61.95/barrel

NY Spot Gold closed @ $650.80/ounce

In New York, The U.S. Dollar buys 0.759 Euros

In New York, The Euro buys 1.3174 U.S. Dollars

The Federal Funds Target Rate is 5.25%

10-Year Treasury Note Yield is currently @ 4.497%

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Consumer Credit Status Report for January, 2007 Released Today

The Consumer Credit status report for January, 2007 was released by the Fed earlier this afternoon:

Actual: +$6,500,000,000

The above figures represent the month-to-month change in total outstanding, installment-based consumer credit; includes car loans and credit cards.


Click here to view the full Federal Reserve report.

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Crude Oil Inventories Report for Week of March 2, 2007

The U.S. Crude Oil Inventories report for the week that ended on March 2, 2007 was released this morning:

Weekly Change: -4,800,000 Barrels

Yearly Change: -10,900,000 Barrels

Current U.S. Crude Oil Stocks: 324,200,000 Barrels

Diminishing crude oil inventories can translate to higher crude oil prices (and vice versa), but not always.

The report is produced by the U.S. Energy Information Administration (EIA).

Click here for a more detailed summary of The Week in Petroleum.

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The 3 Majors Advanced Despite Negative Economic Reports

All 3 major indices gained ground today despite downbeat reports on U.S. productivity and factory orders. 1,840,135,250 shares were traded @ The New York Stock Exchange®.


Summary of The U.S. Markets:

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DJIA: Closed @ 12,207.59 (+157.18)

NASDAQ: Closed @ 2,385.14 (+44.46)

S&P 500: Closed @ 1,395.41 (+21.29)

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NYMEX Crude Oil Future is currently @ $60.68/barrel

NY Spot Gold closed @ $645.70/ounce

In New York, The U.S. Dollar buys 0.7623 Euros

In New York, The Euro buys 1.3118 U.S. Dollars

The Federal Funds Target Rate is 5.25%

10-Year Treasury Note Yield is currently @ 4.528%

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U.S. Factory Orders Report for January, 2007

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories & Orders -- also known as Factory Orders -- for January, 2007:

Predicted: -4.5%
Actual: -5.6%

The above percentages represent the month-to-month change in orders for both durable and nondurable goods made by from U.S. manufacturers. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Census Bureau report.

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Redbook Numbers for The Week of March 3, 2007

The Redbook numbers for the week that ended on March 3, 2007 were released this morning:

Redbook Sales Figures: +2.9%

The Redbook measures the weekly sales at chain stores, discount stores, and department stores -- about 9,000 stores in total -- and is therefore an important measure of current consumer spending in the U.S. The above figure represents the year-to-year change in the Redbook sales figures, so sales are up by 2.9% when compared to sales during the corresponding week back in March of 2006.

The weekly Johnson Redbook Index report is produced by Redbook Research.

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Productivity and Labor Cost Report for Q4, 2006 (Revised) Released Today

The Labor Department's Bureau of Labor Statistics this morning released their revised report on Productivity and Unit Labor Costs for the fourth quarter of 2006:

Non-farm Productivity
Predicted: +1.6%
Actual: +1.6%

Unit Labor Costs
Predicted: +3.0%
Actual: +6.6%

The above percentages represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

For non-farm productivity, a positive number represents an improvement in the efficiency of producing domestic goods and services in the U.S., and therefore can signify a favorable inflationary outlook, and vice versa.

The Unit Labor Costs report measures the costs related to producing each unit of output. A positive number can be a harbinger of rising inflation, and vice versa.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report (PDF.)

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All 3 Majors Declined Today Despite Cheaper Crude Prices

The price on a barrel of crude oil for future delivery got cheaper today, yet all 3 major indexes retreated. 1,996,014,420 shares were traded @ The New York Stock Exchange®.


Summary of The U.S. Markets:

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DJIA: Closed @ 12,050.41 (-63.69)

NASDAQ: Closed @ 2,340.68 (-27.32)

S&P 500: Closed @ 1,374.12 (-13.05)

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NYMEX Crude Oil Future is currently @ $60.25/barrel

NY Spot Gold closed @ $636.20/ounce

In New York, The U.S. Dollar buys 0.7627 Euros

In New York, The Euro buys 1.3111 U.S. Dollars

The Federal Funds Target Rate is 5.25%

10-Year Treasury Note Yield is currently @ 4.518%

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All 3 Majors Declined On Both The Day and The Week

All 3 major indexes declined on both the day and the week. 1,869,391,230 shares were traded @ The New York Stock Exchange®.

For the week, the DJIA lost 533.38 points (-4.403%), the NASDAQ Composite Index lost 147.10 points (-6.212%), and the S&P 500 Index lost 64.02 points (-4.615%).

Summary of The U.S. Markets:

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DJIA: Closed @ 12,114.10 (-120.24)

NASDAQ: Closed @ 2,368.00 (-36.21)

S&P 500: Closed @ 1,387.17 (-16.00)

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NYMEX Crude Oil Future is currently @ $61.64/barrel

NY Spot Gold closed @ $640.80/ounce

In New York, The U.S. Dollar buys 0.7579 Euros

In New York, The Euro buys 1.3194 U.S. Dollars

The Federal Funds Target Rate is 5.25%

10-Year Treasury Note Yield is currently @ 4.515%

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Consumer Sentiment for February, 2007

Consumer Sentiment for February, 2007:

Predicted: 93.3
Actual: 91.3

The Consumer Sentiment Index is compiled on a monthly basis by the University of Michigan; 500 U.S. households are queried about their own financial circumstances and about the economy in general. 200 questions are asked, e.g. "Do you think that right now is a good time to purchase a major household item, like a new microwave oven, TV set, or a new sofa?"

The Consumer Sentiment Index uses a 1966 baseline, i.e. for 1966, the Consumer Sentiment Index = 100. So any number that is below the 1966 baseline of 100 means that the folks who were polled recently aren't as optimistic about the U.S. economy as the sample that was polled back in 1966.

The Consumer Sentiment Index is similar to the Consumer Confidence Index in that they both measure consumer attitudes and offer insight into consumer spending.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Last month, the Consumer Sentiment Index was 96.9.

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All 3 Major Declined Today As Crude Oil Surged Above $62

All 3 major indexes declined today as the price on a barrel of crude oil for future delivery jumped above the $62 mark. 2,226,422,390 shares were traded @ The New York Stock Exchange®.

Summary of The U.S. Markets:

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DJIA: Closed @ 12,234.34 (-34.29)

NASDAQ: Closed @ 2,404.21 (-11.94)

S&P 500: Closed @ 1,403.17 (-3.65)

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NYMEX Crude Oil Future is currently @ $62.03/barrel

NY Spot Gold closed @ $662.10/ounce

In New York, The U.S. Dollar buys 0.7595 Euros

In New York, The Euro buys 1.3166 U.S. Dollars

The Federal Funds Target Rate is 5.25%

10-Year Treasury Note Yield is currently @ 4.556%

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U.S. Motor Vehicle Sales Report for February, 2007

The Domestic Motor Vehicle Sales report for February, 2007 was released this afternoon:

Predicted: 12,600,000
Actual: 12,600,000

The above figures represent unit sales of American-made cars, minivans, SUV's and light trucks. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

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ISM Manufacturing Index for February, 2007

Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI):

Predicted: 49.7%
Actual: 52.3%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country that are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: when the PMI is above 50%, U.S. manufacturing is expanding; when it's below 50%, the manufacturing sector is contracting.

The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Last month, the PMI was 49.3.

Click here to view the complete ISM report.

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Personal Income & Consumer Spending Report for January, 2007

Earlier today, the Commerce Department's Bureau of Economic Analysis released their report on Consumer Spending and Personal Income during January, 2007:

Personal Consumption Expenditures
(a.k.a. Consumer Spending)
Predicted: +0.4%
Actual: +0.5%

Personal Income
Predicted: +0.3%
Actual: +1.0%

The above percentages represent the month-to-month change in Consumer Spending and Personal Income for the entire United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Commerce Department report (PDF).

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New Unemployment Insurance Claims for The Week of February 24, 2007

Earlier today, the Labor Department released the New Unemployment Insurance Claims report for the week that ended on February 24, 2007:

Predicted: 325,000
Actual: 338,000

The above figures represent the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Labor Department report.

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Challenger Report on Corporate Layoffs for February, 2007

Earlier today, the outplacement company Challenger released their report on corporate layoffs for February, 2007:

U.S. Job Cuts Announced during February, 2007: 84,014

When the corporate layoff numbers are high, consumer spending may decline, since there are less people with steady jobs.

When corporate layoffs are low, this can mean that the job market is relatively tight, which can be a harbinger of wage inflation.

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Construction Spending during January, 2007

Earlier today, the U.S. Census Bureau -- which is part of the U.S. Commerce Department -- released the Construction Spending report for January, 2007:

Predicted: -0.5%
Actual: -0.8%

Change from last year: -1.2%

The above percentages represent the month-to-month change in new public and private construction activity for the United States. The "predicted" figure is what economists and Wall Street forecasters were expecting, while the "actual" is the true or real figure.

Click here to view the full Census Bureau report.

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