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Closing Bell 09.11.07

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Stocks in the green today with a midday surge with major players boasting gains including MCD up 1.64 at $51.79 on the close and GM up 1.37 closing at 30.58. Fatties and people driving trucks are totally going to save the economy despite those dead beat home buyers and their dodgy loans.
Index numbers on the day: DJIA up 180.54 at 1.38%. Nadaq up 38.36 at 1.50%. S&P 500 19.79 at 1.36%. But our 10-YR Note heads down again -10/32 at -0.32%. On the big board, 2,414 stocks rose and 880 declined. One point three billion shares traded on the exchange.
Traders and investors alike are still speculating on the Fed’s next move and whether or not interest rates will rise. Bernanke gave a speech today at the Bundesbank Lecture in Berlin reviewing the “global saving glut” spanning from ’96-’04 but made no mention of rate cutes.
As US economists had predicted, US trade deficit decreased slightly in July from $59.49billion to $59.25 billion. Most of these gains stemmed from hard-line items such as electronics, automobiles, and telephony.
Finally, after a meeting of the OPEC oil ministers conference in Vienna it was agreed that OPEC will increase production of crude by 500k barrels a day – however, markets reacted in lukewarm fashion after this anticipated move. Light, sweet crude was down at $77.09 a barrel on the NYMEX while heating oil futures were up to $2.16.
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