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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-31-06 03:25 PM
Response to Original message
101. closing numbers and blather
Edited on Fri Mar-31-06 03:30 PM by ozymandius
Dow 11,109.32 -41.38 (-0.37%)
Nasdaq 2,339.79 -1.03 (-0.04%)
S&P 500 1,294.82 -5.43 (-0.42%)
Gold future 586.70 -5.10 (-0.86%)
30-Year Bond 4.89% +0.00 (+0.02%)

10-Year Bond 4.85% -0.00 (-0.04%)

NYSE Volume 2,224,967,000
Nasdaq Volume 1,870,824,000

4:20 pm : Like yesterday, the major averages attempted to advance. Again, though, attention was fixed on the Treasury market, and bond yields stifled the stock market's upward efforts.

Yesterday, the equity market finally responded to the upward push in bond yields. Conditions did not worsen today, nor did they really improve. Over the course of the week, the yield on the benchmark 10-year note went from 4.67% (last Friday) to 4.85%. That still leaves it at a 21-month high. The 4.9% on 30-year, meanwhile, is a yield that that note hasn't seen in about a year. In the early going, Treasuries started to recover a bit. The attempt was short-lived, and with its return to unchanged territory came the stock market's decline. Lately, the stock market has been impressively resilient to rising interest rates. It could not continue to turn a blind eye to them though, and action over the last two session's shows that the Treasury market is back in the spotlight.

Anticipation ahead of next week's economic calendar, which features the closely-watched March Employment Report, contributed to the bond market's passive stance. Mindful that Fed policy will continue to be data-dependent, the economic front remains in focus. There were a few items on today's calendar, but none had much market-moving impact. The core PCE was relatively in-line with expectations and did not change the current trend, Personal Income and Spending reports brought no surprise, and the Chicago PMI reading continued the trend in regional manufacturing.

The corporate front did not provide much of a trading catalyst, either. General Motors (GM 21.27 +0.21) occupied the headlines again. Concerns that voided union contracts at supplier Delphi will lead to a strike sparked early selling, but the stock recovered and really did not have a big effect today. Still, the Discretionary sector closed 0.4% lower. It and other especially rate-sensitive areas faced selling pressure. Homebuilders were a weak spot, the Utilities sector fell 0.7%, and the Financial sector also declined. The latter sector did demonstrate some resilience, but it could not sustain a gain. Its intra-day reversal left the market without leadership.

The Energy and Materials sectors were the worst-faring. After surging recently, energy prices gave back some ground. Crude retreated from its eight-week high, but its move was not all that impressive, given the fact that it remained at $66.50 per barrel. The equity market didn't take much notice, though, as interest rate trends remained its driving force. Also, ongoing concerns over Iran helped temper enthusiasm that the price declines could have sparked. One area of the market that did take note was the Energy sector. The price action prompted some profit-taking. The same thing happened within Materials. Several metals hit or approached historic highs this week, and pullbacks gave traders a reason to secure some recent returns across that sector.

Technology (-0.5%) was an additional factor behind the market's decline. Semiconductors had a volatile week, and the industry's drop today helped submerge the sector and stunt the Nasdaq. On a separate but related note, Google (GOOG 390.00 +1.56) received some added attention today. After today's bell rang, the stock officially became a member of the S&P 500. Volume was nearly twice as much as usual, as index fund managers had to add the stock to their portfolios, but the stock's price was little changed. DJ30 -41.38 NASDAQ -1.03 SP500 -5.42 NASDAQ Dec/Adv/Vol 1193/1889/1.90 bln NYSE Dec/Adv/Vol 1579/1674/1.61 bln
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  -STOCK MARKET WATCH, Friday 31 March ozymandius  Mar-31-06 04:50 AM   #0 
  - WrapUp by Martin Goldberg  ozymandius   Mar-31-06 05:04 AM   #1 
  - Morning Ozy. So, Martin thinks the scapegoats this time around  54anickel   Mar-31-06 05:34 AM   #13 
     - These groups are too easy to scapegoat.  ozymandius   Mar-31-06 06:00 AM   #17 
  - Today's Reports  ozymandius   Mar-31-06 05:07 AM   #2 
  - 8:30 Reports:  UpInArms   Mar-31-06 07:33 AM   #39 
  - The savings rate was negative 0.5%. 11th straight month for neg savings.  UpInArms   Mar-31-06 07:51 AM   #42 
  - Consumer Spending Slows in February  UpInArms   Mar-31-06 08:19 AM   #45 
  - Revised March Sentiment @ 88.9  UpInArms   Mar-31-06 08:49 AM   #55 
  - Chicago PMI @ 60.4 in March - Feb Factory Orders Up 0.2% (below expect)  UpInArms   Mar-31-06 09:04 AM   #58 
     - more info on Factory Orders:  UpInArms   Mar-31-06 09:05 AM   #59 
  - Crude Oil Prices Dip Below $67 a Barrel  ozymandius   Mar-31-06 05:09 AM   #3 
  - May Crude @ $66.45 bbl - May NatGas @ $7.18 mln btus  UpInArms   Mar-31-06 09:17 AM   #62 
  - May Crude closes @ $66.63 bbl - May NatGas @ $7.21 mln btus  UpInArms   Mar-31-06 02:34 PM   #95 
  - Soft start tipped for Wall St before consumer data  ozymandius   Mar-31-06 05:12 AM   #4 
  - Nasdaq Abandons Bid for Exchange in Britain  ozymandius   Mar-31-06 05:14 AM   #5 
  - "Clara Furse, 48 ..."  Pigwidgeon   Mar-31-06 05:34 AM   #12 
  - Gold, Silver Futures Rise to Highest Since the Early 1980s  ozymandius   Mar-31-06 05:16 AM   #6 
  - Metals reach new highs  UpInArms   Mar-31-06 07:18 AM   #34 
  - Amex CEO says silver ETF may trade next week: report  UpInArms   Mar-31-06 07:26 AM   #36 
  - June Gold @ $588.30 oz - May Silver @ $11.58 oz - May Copper @ $2.503 lb  UpInArms   Mar-31-06 08:51 AM   #56 
  - June Gold @ $587 oz - May Silver @ $11.47 oz - May Copper @ $2.462 lb  UpInArms   Mar-31-06 10:51 AM   #74 
  - Economy gets good news and bad news  ozymandius   Mar-31-06 05:19 AM   #7 
  - Actually that's bad news and more bad news for working Murka.  54anickel   Mar-31-06 05:42 AM   #14 
     - Morning Marketeers,  AnneD   Mar-31-06 09:14 AM   #61 
        - Your husband's employers have their heads up their asses  kineta   Mar-31-06 12:50 PM   #84 
  - TOM WALSH: Disastrous strike can be avoided  ozymandius   Mar-31-06 05:20 AM   #8 
  - Treasurys sell off after revised GDP  ozymandius   Mar-31-06 05:26 AM   #9 
  - Treasurys end higher; benchmark yield up 10% in quarter  UpInArms   Mar-31-06 02:36 PM   #96 
  - Stocks on inflation, oil watch again  ozymandius   Mar-31-06 05:28 AM   #10 
  - GMAC sale may not end junk status  ozymandius   Mar-31-06 05:30 AM   #11 
  - Biting the Hand that Feeds you  54anickel   Mar-31-06 05:51 AM   #15 
  - *@?#! Bond Trading  54anickel   Mar-31-06 05:55 AM   #16 
  - Shocks Seen in New Math for Pensions  54anickel   Mar-31-06 06:43 AM   #18 
  - daily dollar watch  UpInArms   Mar-31-06 06:44 AM   #19 
  - Prestowitz urges Koizumi to call for 'Plaza Accord II' at G-8  54anickel   Mar-31-06 07:07 AM   #30 
  - Time for Gulf economies to increase gold reserves  54anickel   Mar-31-06 07:51 AM   #41 
  - Envisioning a single Asian currency  54anickel   Mar-31-06 07:54 AM   #44 
  - China's Shenzhen Bank says ex-chairman detained  UpInArms   Mar-31-06 06:46 AM   #20 
  - Hedge funds flock to riskiest derivatives  UpInArms   Mar-31-06 06:49 AM   #21 
  - 'If you start looking at them as humans, then how are you gonna kill them?  54anickel   Mar-31-06 06:49 AM   #22 
  - The Romanov Dynasty  AnneD   Mar-31-06 09:28 AM   #65 
  - (Corporate) Profits surge to 40-year high  UpInArms   Mar-31-06 06:51 AM   #23 
  - Does anyone else see the resemblance to 1928?  fasttense   Mar-31-06 07:06 AM   #29 
  - from the Timeline of the Great Depression  UpInArms   Mar-31-06 07:21 AM   #35 
  - Heads are bumping  AnneD   Mar-31-06 09:30 AM   #66 
  - EPI: Gross domestic income: profit growth swamps labor income  Roland99   Mar-31-06 10:28 AM   #70 
  - Deleted message  Name removed   Mar-31-06 06:54 AM   #24 
  - ...  UpInArms   Mar-31-06 07:00 AM   #26 
  - Welcome to DU and the SMW thread, extraterrestrial....  54anickel   Mar-31-06 07:02 AM   #27 
  - How does one get a deleted message in this thread??  Roland99   Mar-31-06 08:23 AM   #46 
     - The post must have run afoul of Admin's approved, reliable sites.  ozymandius   Mar-31-06 08:44 AM   #53 
  - 90,000 Americans die from hospital infections each year  UpInArms   Mar-31-06 06:56 AM   #25 
  - Study shrugs off prayer's power to heal  UpInArms   Mar-31-06 07:15 AM   #32 
  - The best advice in the article...  AnneD   Mar-31-06 12:47 PM   #83 
  - Freddie sees lower 2005 income, net could change  UpInArms   Mar-31-06 07:04 AM   #28 
  - Delphi to Ask Judge to Cancel Union Deals  UpInArms   Mar-31-06 07:13 AM   #31 
  - Delphi seeks to void labor contracts, cut 8,500 jobs  UpInArms   Mar-31-06 08:42 AM   #50 
  - I was just about to post this. Because it is very serious business.  ozymandius   Mar-31-06 12:09 PM   #78 
     - Delphi plans to close, sell 21 U.S. plants  UpInArms   Mar-31-06 02:24 PM   #92 
     - A strike at Delphi could push GM to empty-analysts  UpInArms   Mar-31-06 02:31 PM   #93 
  - UAW: Strike threat after Delphi files to break contracts  UpInArms   Mar-31-06 09:19 AM   #64 
     - GM could be crippled by Delphi strike  UpInArms   Mar-31-06 09:39 AM   #68 
  - Kodak accused of harming digital photo quality  UpInArms   Mar-31-06 07:16 AM   #33 
  - SEC settles with ex-KPMG auditors - engaged in "highly unreasonable" condu  UpInArms   Mar-31-06 07:29 AM   #37 
  - that's it? Slap Slap Go and sin  BareNakedLiberal   Mar-31-06 01:54 PM   #89 
  - Homeowners Beginning to Feel the Squeeze  UpInArms   Mar-31-06 07:31 AM   #38 
  - WOW what an opportunity!  InkAddict   Mar-31-06 09:18 AM   #63 
  - Housing Bubble Popping is "The Media's Fault"!  UpInArms   Mar-31-06 09:32 AM   #67 
  - Just because you say it is so doesn't make it so....  AnneD   Mar-31-06 12:28 PM   #80 
  - and the new bankruptcy laws  BareNakedLiberal   Mar-31-06 01:56 PM   #90 
  - Refco Fallout: Embattled BAWAG bank up for sale  UpInArms   Mar-31-06 07:35 AM   #40 
  - Treasury prices higher after tame consumer inflation  UpInArms   Mar-31-06 07:53 AM   #43 
  - Morning, Ozy!  UpInArms   Mar-31-06 08:25 AM   #47 
  - good morning  ozymandius   Mar-31-06 08:25 AM   #48 
  - since we have now both bumped heads again - here's that blather  UpInArms   Mar-31-06 08:30 AM   #49 
  - tasty carrion to start the trading day  ozymandius   Mar-31-06 08:43 AM   #51 
  - Partying early at the Casino!  UpInArms   Mar-31-06 08:44 AM   #52 
  - wet monitor alert!  ozymandius   Mar-31-06 08:49 AM   #54 
  - Get a load of those futures charts!  ozymandius   Mar-31-06 08:54 AM   #57 
  - 10:11 EST Markets LOVE Defense Spending - To Hell with Consumers!  UpInArms   Mar-31-06 09:13 AM   #60 
  - Feds shortchange smaller firms - GAO: Contracts funneled to big companies  UpInArms   Mar-31-06 09:42 AM   #69 
  - But, but, entrepeneurs are the "backbone" of our economy! n/t  skids   Mar-31-06 12:28 PM   #81 
  - 11:29am EST - Markets are pretty flat-lined  Roland99   Mar-31-06 10:30 AM   #71 
  - a side of blather?  UpInArms   Mar-31-06 10:46 AM   #72 
  - Commentary: U.S. dollar eerily parallels the life of Ricky Nelson  UpInArms   Mar-31-06 10:48 AM   #73 
  - I think out theme today should be Garden Party.....  AnneD   Mar-31-06 02:32 PM   #94 
  - GACK!!!! US Q4 derivatives volume tops $100 trln-OCC  UpInArms   Mar-31-06 11:27 AM   #75 
  - JP Morgan is something like 40-50% of the total volume.  Zynx   Mar-31-06 11:33 AM   #76 
  - 12:32 EST numbers and blather  UpInArms   Mar-31-06 11:34 AM   #77 
  - Indeces still flat  ozymandius   Mar-31-06 12:15 PM   #79 
  - 1:44 EST Deciding to not "hold over the weekend"?  UpInArms   Mar-31-06 12:46 PM   #82 
     - A little extra cash for April Fool's and spring break.  Roland99   Mar-31-06 01:07 PM   #85 
  - Former DeLay Aide Pleads Guilty to Conspiracy  UpInArms   Mar-31-06 01:12 PM   #86 
  - Another ex-DeLay aide pleads guilty in US scandal (more info)  UpInArms   Mar-31-06 01:20 PM   #87 
  - Philly Fed's Santomero departs, replacement not set  UpInArms   Mar-31-06 01:30 PM   #88 
  - enter the Witching Hour  ozymandius   Mar-31-06 02:01 PM   #91 
  - ConocoPhillips names RICHARD ARMITAGE, 2 other to board  UpInArms   Mar-31-06 02:43 PM   #97 
  - That's the biggest revolving door I've ever seen.  ozymandius   Mar-31-06 03:01 PM   #98 
  - They have a big revolving door...  AnneD   Mar-31-06 04:31 PM   #103 
  - The world Shadow gov't isn't as unknown anymore.  Roland99   Mar-31-06 03:04 PM   #99 
     - daily, I thank Gore for the internets!  UpInArms   Mar-31-06 03:06 PM   #100 
  - closing numbers and blather  ozymandius   Mar-31-06 03:25 PM   #101 
     - Well, the "bargain hunters" will be back on Monday  Roland99   Mar-31-06 03:39 PM   #102 

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