Thread: AIG Bailout

Daily Market Commentary for February 24, 2009 from Millennium-Traders.Com

AIG...where do all those billions of dollars go? (read more)

Economic data released today:

U.S. Consumer Confidence:
February Consumer Confidence came in at 25 versus January reading at 37.4; February Present Situation Index came in at 21.2 versus January 29.7; February Expectations Index came in at 27.5 versus January 42.5; Consumer Confidence hits historic low in February. U.S. Consumer Confidence levels collapsed during February, as households painted a dire picture of the economy. The Conference Board reported that its February consumer confidence index fell to a historic low for the survey, at a reading of 25.0, from the previous low of 37.7 seen in December. Economists expected a far more modest decline, predicting the February index would come in at 35.5. "Not only do consumers feel overall economic conditions have grown more dire, but just as disconcerting, they anticipate no improvement in conditions over the next six months," said Lynn Franco, who leads the private research group's Consumer Research Center. The present situation index for February fell to 21.2 from January's 29.7, while the expectations index declined to 27.5, from the previous month's reading at 42.5. This data suggested that overall economic conditions have weakened even further in the first quarter of 2009 while the future concerns about business conditions, employment and earnings "have further sapped confidence and driven expectations to their lowest levels ever." Consumers became more disheartened about the state of the economy, with those calling business conditions as "bad" rising to 51.1% of the survey from 47.9% in January, while those calling conditions "good" edged higher to 6.8% from 6.4% the previous month. The Conference Board found concerns about hiring increased, with those calling jobs "hard to get" rising to 47.8% of respondents, from 41.1% in January. Those who deemed jobs as "plentiful" decreased to 4.4% of the survey, from 7.1% who shared that view a month ago.

Richmond Fed:
February Manufacturing Index fell 51 versus January drop by 49; February Manufacturing Shipments Index fell 56 versus January drop by 54; February Services Revenues Index fell 28 versus January drop by 19; February Retail Revenues Index fell 32 versus January change by 0.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit gain of 236.16 points to end the trading session at 7,350.94
NYSE (New York Stock Exchange) triple digit gain of 187.95 points to end the trading session at 4,821.73
National Association of Securities Dealers Automated Quotations (NASDAQ) gain of 54.11 points to end the trading session at 1,441.83
S&P 500 (SPX) gain of 29.81 points to end the trading session at 773.14
BEL 20 (BEL20) loss of 27.98 points to end the trading session at 1,697.60
CAC 40 (CAC40) loss of 19.82 points to end the trading session at 2,708.05
FTSE100 (UKX100) loss of 34.29 points to end the trading session at 3,816.44
NIKKEI 225 (NIK/O) triple digit loss of 147.82 points at the end the trading session at 7,268.56

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 2,609, declined stock prices 544, unchanged stock prices 57, stock prices hitting new highs 2 and stock prices hitting new lows 325. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Mohawk Industries (NYSE: MHK) stock price shed 1.41 points on the trading session, high on the trading session $27.43, low on the trading session $23.46, with a closing stock price at $25.24; Dresser-Rand Group (NYSE: DRC) stock price gained 2.59 points on the trading session, high on the trading session $22.46, low on the trading session $19.87, with a closing stock price at $21.42; Marvel Entertainment (NYSE: MVL) stock price gained 3.63 points on the trading session, high on the trading session $28.10, low on the trading session $26.00, with a closing stock price at $27.55; Goldman Sachs Group (NYSE: GS) stock price gained 12.91 points on the trading session, high on the trading session $93.09, low on the trading session $81.51, with a closing stock price at $92.98; ProShares Ultrashort Financials.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 2,050, declined stock prices 773, unchanged stock prices 127, stock prices hitting new highs 7 and stock prices hitting new lows 302. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Foster Wheeler AG (NasdaqGS: FWLT) stock price shed 3.90 points on the trading session, high on the trading session $18.31, low on the trading session $15.05, with a closing stock price at $15.30; Onyx Pharmaceuticals (NasdaqGS: ONXX) stock price gained 4.69 points on the trading session, high on the trading session $33.48, low on the trading session $31.78, with a closing stock price at $32.74; Google (NasdaqGS: GOOG) stock price gained 14.84 points on the trading session, high on the trading session $349.62, low on the trading session $330.89, with a closing stock price at $344.97; First Solar Incorporated (NasdaqGS: FSLR) stock price gained 16.62 points on the trading session, high on the trading session $137.93, low on the trading session $124.89, with a closing stock price at $141.60.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 324, declined stock prices 268, unchanged stock prices 54, stock prices hitting new highs 7 and stock prices hitting new lows 26.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 09: End of trading session price 769; Change for the trading session 24.00
E-mini NASDAQ-100 (NQ) Mar 09: End of trading session price 1,163.75; Change for the trading session 28.00
E-mini DOW $5 (YM) Mar 09: End of trading session price 7,305; Change for the trading session 189
E-mini S&P MidCap 400 (MF) Mar 09: End of trading session price 464.10; Change for the trading session 13.80
E-mini S&P Small Cap 600 (HS) Mar 09: End of trading session price 7,445; Change for the trading session 290

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7789 to U.S. Dollars 1.2838
Japanese Yen 96.760 to U.S. Dollars 0.0103
British Pound 0.6911 to U.S. Dollars 1.4470
Canadian Dollar 1.2426 to U.S. Dollars 0.8048
Swiss Franc 1.1604 to U.S. Dollars 0.8618

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (April 09) gained $1.52 on the trading session for a closing price of $39.96 per barrel ($US per barrel)
Heating Oil (April 09) gained $0.03 on the trading session for a closing price of $1.20 a gallon ($US per gallon)
Natural Gas (April 09) gained $0.10 on the trading session for a closing price of $4.19 per million BTU ($US per mmbtu.)
Unleaded Gas (March 09) gained $0.04 on the trading session for a closing price of $1.08 a gallon ($US per gallon)

Metals Markets - Comex:
Gold (April 09) shed $25.50 on the trading session for a closing price of $969.50 ($US per Troy ounce)
Silver (March 09) shed $0.46 on the trading session for a closing price of $14.00 ($US per Troy ounce)
Platinum (April 09) shed $30.80 on the trading session for a closing price of $1,047.30 ($US per Troy ounce)
Copper (May 09) gained $0.05 on the trading session for a closing price of $1.50 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (April 09) shed 0.53 on the trading session for a closing price of 57.70
Pork Bellies (May 09) gained 1.35 on the trading session for a closing price of 77.00
Live Cattle (April 09) gained 1.43 on the trading session for a closing price of 85.30
Feeder Cattle (April 09) gained 2.35 on the trading session for a closing price of 92.03

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (May 09) gained 2.25 on the trading session for a closing price of 362.50
Soybeans (May 09) gained 7.50 on the trading session for a closing price of 883.50

BOND MARKET:

2 year Bond Closing price 99 25/32, change -3/32, Yield 0.97, Yield change 0.05
5 year Bond closing price of 99 12/32, change -11/32, Yield 1.87 Yield change 0.07
10 year Bond closing price 99 19/32, change -11/32, Yield 2.79, Yield change 0.04
30 year Bond closing price 100 5/32, change 11/32, Yield 3.49, Yield change -0.02

Thanks for reading
Millennium-Traders.Com

Whether AIG should've been bailed out or not is debatable.

very much debateable...as with a number of these other so called""BANKRUPT"" companies...ever since they got this money a lot of them have been having these extravagant parties and exotic golf tournaments for their rich clientele....how sweet it must be..at the cost of a few millions...hey..what is a few million after you just got a few billion...and laid off 400 or so employees...the AMERICAN WAY.....

The American Way works, but too many people are taking advantage of it.