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Fundamental News Summary

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US Session News Summary

Wed, Nov 4 2009, 21:15 GMT
by ecPulse.com analysis team

ecPulse.com

ADP Employment Report

The ADP released today its Employment report for the month of October, the ADP report showed that private employers shed 203K jobs in October following the prior reported drop of -254K jobs back in September and worse than median estimates of -198K jobs.

US ISM Non-Manuf Composite

US released its ISM Non-Manuf Composite for this month showing an unexpected gloomy decline as it came in at 50.6; worse than the forecasted reading of 51.5 and the prior reading of 50.9.

EIA Report

The EIA report showed that the U.S. commercial crude oil inventories decreased by 4.0 million barrels from the previous week. At 335.9 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.3 million barrels last week, and are above the upper limit of the average range.

Whereas, the finished gasoline inventories increased while blending components decreased last week. Distillate fuel inventories decreased by 0.4 million barrels, and are above the upper boundary of the average range for this time of year.

FOMC Rate Decision

Today, the Fed decided to keep its interest rates unchanged at 0.25% as it was already highly anticipated, knowing that the Federal Open Market Committee stated that the overall current economic conjuncture of the country has enhanced noticeably as the housing sector activity on one hand picked up, while overall businesses on the other hand are becoming more efficient as they coped with the recession, having most of the earnings reported from huge U.S corporations coming out better-than expected and cheerful.

Still the present economical recovery from the ongoing downside pressures remain gradual and accordingly the Federal Reserve decided to keep interest rates low and will continue on using several tools to trigger a stronger economic revival and maintain price stability and control inflation on a long-term, knowing that the Fed will purchase a sum of $1.25 trillion of agency mortgage-backed securities and $175 billion of agency debt to support mortgage lending and help the housing market heal further from the crisis  

Gold hit a new record high

The yellow precious metal hit a record high of 1097.66 an ounce since that India's Central Bank purchased 2000 of the metal from the IMF and as the dollar is loosing momentum considerably throughout the currencies market, having the dollar index, which tracks the strength of the green Benjamin in front of a basket of currencies, plummeting on the daily chart to trade at 75.65 recording a 76.39 and a low 75.59, knowing of course that gold and the dollar have an inverse relation.

US Stock Market

Today, the U.S stocks fluctuated throughout the closing session as the Federal Open Market Committee stated that the overall current economic conjuncture of the country has enhanced noticeably and picked up within this current past period, while overall earnings posted so far from huge U.S corporations came out cheerful and better-than forecasted, predicting that the U.S stocks may return 50 percent throughout the coming years.

The Dow Jones Industrial Average index gained 30.23 points or 0.31% to close at 9802.14, The Standard & Poor’s 500 Index gained 1.09 points or 0.10% to close at 1046.50, The NASDAQ Composite Index shed 1.80 points or 0.09% to close at 2055.52.

Published on  Wed, Nov 4 2009, 21:16 GMT