Markets June 25

rtsm · #1 (**permalink**) 06-25-2008, 11:28 AM

The Baltic Dry Index gained 105 points in its last trading session to close at 9,244, which comes after three consecutive sessions of losses. Despite its recent gain, the index is still down 2% from the prior week. The Capesize rose 193 points to close at 13,053, while the Panamax, the benchmark index, gained 314 points (or 3.5%) to close at 9,218. Of the dry bulk indices, the Panamax is the best performer recently, and is 10% higher from the prior week. The Supramax fell 129 points to close at 5,999, while the Handysize lost 26 points (or 0.9% ) to close at 2,733.

lamborghini · #2 (**permalink**) 06-25-2008, 02:31 PM

The stock market is higher at mid-session as investors await the FOMC rate decision and policy statement at 14:15ET.

The market opened modestly higher, to only range-trading for awhile. It spiked to its best levels as August crude oil ($132.84 -4.16) sold off sharply following weekly inventory statistics from the Dept. of Energy. Crude inventory showed a build of 803K barrels vs. expectations for a draw of 1.1 million, its first build in six weeks. Crude oil, which traded modestly lower ahead of the data, plunged another $4 to a session low of $131.95 before stabilizing.

For the rate decision, economists widely expect the Fed to keep rates unchanged at 2.00%... Market breadth remains bullish with advancers outpacing decliners by 13-to-5 on the NYSE, and by 2-to-1 on the Nasdaq. Volume is roughly average, although trading activity will pick up after the FOMC release. Dow currently up almost 60 points.

In other economic news:

- The Commerce Department reported Wednesday that new homes were sold at a seasonally adjusted annual rate of 512,000 units in May, down 2.5 percent from the April level. The median price of a new home sold last month fell to $231,000, down 5.7 percent from a year ago.

- Orders to factories for big-ticket manufactured goods were basically flat in May after declines of 1% in April and 0.2 percent in March. Strength in demand for aircraft and computers was offset by widespread weakness in other categories.