Slightly Optimistic Bernanke, Stocks Cut Losses, Factory Orders Disappoint

By | TradingMarkets.com | June 03, 2009 04:40 PM
Symbols: HL, CF, ADP

Stocks ended their 4 day winning streak on worse than expected Factory Order figures and a slumping service sector. However, Fed Chief Ben Bernanke showed optimism by saying he expects the recession to end this year bolstering stocks to close well off their lows. The DJIA gave back -65.63 to 8675.24, the Nasdaq slipped -10.88 to 1825.92 and the broad based S&P 500 fell -12.98 to 931.76


Hecla Mining ( HL | Quote | Chart | News | PowerRating) - Suffered a downgrade by RBC Capital sending shares down by 10.63% or 0.37 cents to $3.13/share.


Frontier Oil ( FHO | Quote | Chart | News | PowerRating) - Fell hard on a negative report from Valero dropping 13.53% or $2.41 to $15.40/share.


CF Industries ( CF | Quote | Chart | News | PowerRating) - Gave back 2.57% or $2.05 to $77.86/share after Agrium reaffirmed its bid.


Automatic Data Processing ( ADP | Quote | Chart | News | PowerRating) - Fell after releasing pessimistic employment data dropping 1.53% or 0.59 cents to $37.99.


Oil fell $2.43 to $66.25, Gold plummeted $18.80 to $965.60 and the VIX climbed 4.69% to 31.02.


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Market Snapshot
















Dow

 -65.63 8675.24










NASDAQ

 -10.88 1825.92






S&P 500

 -12.98 931.76










Economic
News









Personal Income (Apr): Consensus: -0.2%, Prior: -0.2%, Revised From: -0.3%


Personal Spending (Apr): Consensus: -0.2%, Prior: -0.3%, Revised From: -0.2%


Construction Spending (Apr): Consensus: -0.8%, Prior: 0.3%


ISM Index (May): Consensus: 42.0, Prior: 40.1


Pending Home Sales (Apr): Consensus: NA, Prior: 3.2%


Auto Sales (May): Consensus: NA, Prior: 3.2M


Truck Sales (May): Consensus: NA, Prior: 3.8M


ADP Employment Change (May): Consensus: -543K, Prior: -491K


Factory Orders (Apr): Consensus: 0.3%, Prior: -0.9%


ISM Services (May): Consensus: 45.0, Prior: 43.7


Crude Inventories (05/29): Consensus: NA, Prior: -5.41M


Initial Claims (05/30): Consensus: 620K, Prior: 623K


Productivity-Rev. (Q1): Consensus: 1.2%, Prior: 0.8%


Unit Labor Costs (Q1): Consensus: 2.9%, Prior: 3.3%


Average Workweek (May): Consensus: 33.2, Prior: 33.2


Hourly Earnings (May): Consensus: 0.2%, Prior: 0.1%


Nonfarm Payrolls (May): Consensus: -550K, Prior: -539K


Unemployment Rate (May): Consensus: 9.2%, Prior: 8.9%


Consumer Credit (Apr): Consensus: -$6.0B, Prior: -$11.1B


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Original publication: June 03, 2009
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