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# Posted: 8 May 2008 17:00
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Daily Market Commentary for May 8, 2008 from Millennium-Traders.Com
In 2001 and 2003, tax relief payments to individuals and families stimulated the broader economy by increasing consumer spending. Evidence suggests that households spent one-third to two-thirds of their 2001 and 2003 payments, and the current stimulus package is almost three times as large as what was enacted in 2001 $38 billion then, versus $100 billion now.
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At the closing bell on the Stock Exchange, here is how the major world indices and major U.S. indices ended the session on the U.S. Markets:
DOW (Dow Jones Industrial Average) gain of 52.43 points on the day to end the session at 12,866.78
NYSE (New York Stock Exchange) gain of 49.07 points to end the session at 9,388.54
NASDAQ gain of 12.75 points for a close at 2,451.24
S&P 500 gain of 5.11 points for a close at 1,397.58
FTSE All-World ex-U.S. gain of 0.38 points to close at 252.99
FTSE RAFI 1000 gain of 0.62 points to close at 5,620.96
BEL 20 shed of 33.45 points to close at 3,873.16
CAC 40 shed of 19.73 points to close at 5,055.58
FTSE100 gain of 9.8 points to close at 6,270.80
NIKKEI 225 shed of 159.2 points to close at 13,943.30
News on the New York Stock Exchange (NYSE) today: advanced stocks 1,804; declined stocks 1,317; unchanged stocks 110; stocks hitting new highs 63; stocks hitting new lows 49. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: Orient-Express Hotels Limited (NYSE: OEH) shed 2.73 points on the trading day, high on the trading day $47.02, low on the trading day $42.22, for a closing price at $44.73; Barr Pharmaceuticals Incorporated (NYSE: BRL) shed 11.55 points on the trading day, high on the trading day $40.30, low on the trading day $37.40, for a closing price at $38.10; NeuStar, Incorporated (NYSE: NSR) shed 4.41 points on the trading day, high on the trading day $24.43, low on the trading day $22.66, for a closing price at $23.94; Mindray Medical International Limited (NYSE: MR) gained 4.15 points on the trading day, high on the trading day $40.32, low on the trading day $37.40, for a closing price at $39.55; OM Group Incorporated (NYSE: OMG) shed 6.70 points on the trading day, high on the trading day $55.00, low on the trading day $50.25, for a closing price at $52.67; Perini Corporation (NYSE: PCR) gained 3.00 points on the trading day, high on the trading day $44.80, low on the trading day $39.51, for a closing price at $41.91; Encore Acquisition Corporation (NYSE: EAC) gained 6.89 points on the trading day, high on the trading day $56.97, low on the trading day $50.25, for a closing price at $56.79; Uniao de Bancos Brasileiros S.A. (Unibanco) (NYSE: UBB) shed 2.58 points on the trading day, high on the trading day $150.89, low on the trading day $144.55, for a closing price at $147.80; Genco Shipping & Trading Limited (NYSE: GNK) gained 0.32 points on the trading day, high on the trading day $77.66, low on the trading day $72.25, for a closing price at $75.88; RH Donnelley Corporation (NYSE: RHD) gained 1.82 points on the trading day, high on the trading day $8.59, low on the trading day $6.93, for a closing price at $8.20; Mosaic Corporation (NYSE: MOS) gained 2.43 points on the trading day, high on the trading day $127.08, low on the trading day $121.16, for a closing price at $127.08; Potash Corp. of Saskatchewan, Incorporated (NYSE: POT) gained 0.24 points on the trading day, high on the trading day $200.68, low on the trading day $192.39, for a closing price at $199.01; Visa Incorporated (NYSE: V) shed 1.20 points on the trading day, high on the trading day $89.75, low on the trading day $85.94, for a closing price at $87.30; Monsanto Corporation (NYSE: MON) gained 3.70 points on the trading day, high on the trading day $121.25, low on the trading day $116.20, for a closing price at $121.14.
News on the NASDAQ today: advanced stocks 1,494; declined stocks 1,355; unchanged stocks 153; stocks hitting new highs 26; stocks hitting new lows 114. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: CROCS Incorporated (NasdaqGS: CROX) gained 1.44 points on the trading day, high on the trading day $12.50, low on the trading day $11.16, for a closing price at $11.40; Energy Conversion Devices, Incorporated (NasdaqGS: ENER) gained 15.10 points on the trading day, high on the trading day $50.08, low on the trading day $42.71, for a closing price at $49.91; Hansen Natural Corporation (NasdaqGS: HANS) shed 5.46 points on the trading day, high on the trading day $31.75, low on the trading day $25.51, for a closing price at $30.14; Bucyrus International Incorporated (NasdaqGS: BUCY) gained 3.02 points on the trading day, high on the trading day $134.83, low on the trading day $130.50, for a closing price at $134.74; AirMedia Group Incorporated (NasdaqGS: AMCN) shed 1.35 points on the trading day, high on the trading day $19.87, low on the trading day $17.07, for a closing price at $18.90; Intuitive Surgical, Incorporated (NasdaqGS: ISRG) shed 1.22 points on the trading day, high on the trading day $290.72, low on the trading day $282.75, for a closing price at $287.57; Middleby Corporation (NasdaqGS: MIDD) shed 8.39 points on the trading day, high on the trading day $60.50, low on the trading day $52.12, for a closing price at $54.21; Kaiser Aluminum Corporation (NasdaqGS: KALU) shed 7.85 points on the trading day, high on the trading day $72.88, low on the trading day $64.95, for a closing price at $66.09; Synchronoss Technologies, Incorporated (NasdaqGS: SNCR) shed 0.69 points on the trading day, high on the trading day $12.94, low on the trading day $12.20, for a closing price at $12.35; First Solar, Incorporated (NasdaqGS: FSLR) shed 1.05 points on the trading day, high on the trading day $281.69, low on the trading day $273.19, for a closing price at $275.80; Baidu.com, Incorporated (NasdaqGS: BIDU) shed 3.96 points on the trading day, high on the trading day $367.20, low on the trading day $353.49, for a closing price at $355.17; Google Incorporated (NasdaqGS: GOOG) gained 4.01 points on the trading day, high on the trading day $589.30, low on the trading day $578.91, for a closing price at $583.01.
News on the American Stock Exchange (AMEX) today: advanced stocks 612; declined stocks 534; unchanged stocks 105; stocks hitting new highs 29; stocks hitting new lows 29.
U.S. Jobless Claims fell by 18K to 365K for week of May 3 compared to survey of a drop by 5K and U.S. Continuing Claims for week of April 26 fell by 10K to 3,020,000.
Secretary Henry M. Paulson, Jr. Remarks on the Economic Stimulus: Kansas City, Mo. -Thank you; it is great to be back in Kansas City. I have just come from one of Treasury's bureaus here, the Financial Management Service Regional Financial Center, where they are printing the economic stimulus checks that will put money in the hands of American families and boost our economy this year. It's fitting that I see this economic stimulus become a reality in Kansas City, because my visit here last December was among the events that convinced me that we needed to boost the U.S. economy, and do it early so it could make a difference in 2008. In December, I was at the Bruce Watkins Cultural Heritage Center and Museum for a town hall meeting. I met with and heard from many homeowners about mortgage and other housing difficulties. They also talked of their concerns about the broader economy in Kansas City and Missouri. During that week, I also spent time in Florida and California, where I heard similar concerns. And when I got back to Washington, I talked to people in a variety of industries; I asked them what their business was telling them about where the economy was headed. My travels, my discussions with industry leaders and a review of the economic data with the rest of the President's economic team convinced me in mid-December that the economy had taken a sharp turn for the worse and the risks were to the downside going forward. The President recognized the downturn early, and took decisive action. At the beginning of January, President Bush told the nation we were considering an economic stimulus package. Congressional leaders also saw the weakening economy and the need for action. The President directed me to work with Congress to craft legislation that would put cash in the hands of American consumers and help American businesses invest and create jobs. And the President directed me to get this job done quickly, because we needed to bolster both consumer spending and business investment to protect the health of our economy. And today, we are seeing that our action couldn't have been more timely. We didn't wait for the twenty-twenty hindsight of economic data to confirm a slow economy, we knew it was happening. And because we didn't wait, the bipartisan stimulus package the President and the Congress enacted is injecting dollars into the economy now, when it can make a real difference. It was a pleasure to work in a bipartisan spirit with House and Senate leaders. Together, we crafted a stimulus package that is big enough to have an impact, easy to implement, provides targeted payments and is temporary. We acted quickly to support our economy and help create jobs this year. The package includes stimulus payments to households, and tax incentives for businesses to invest and create jobs. For households, single filers generally will receive a minimum of $300 and as much as $600, and joint filers will generally receive at least $600 and up to $1,200. There is also an additional $300 payment for each qualifying child. Total cash to households will be over $100 billion. In 2001 and 2003, tax relief payments to individuals and families stimulated the broader economy by increasing consumer spending. Evidence suggests that households spent one-third to two-thirds of their 2001 and 2003 payments, and the current stimulus packag
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