Consumer Borrowing Bust, Chance Of Rate Jump, Jobless Spike

• June 5, 2009
• David Goodboy

Stocks ended the day mixed after poor economic news counteracted the initial positive NFP figures. The jobless rate spiked to levels not seen in 25 years and consumer borrowing plummeted depressing stocks. Additional negative news of the Federal funds future contracts pricing in a 70% chance of an interest rate increase by the end of 2009 further dampened spirits. The DJIA was able to fight ahead by +12.89 to 8763.13, the Nasdaq slipped back by -0.60 cents to 1849.42 and the S&P 500 gave up -2.37 to 940.09.

Cadiz
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Dupont
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Harley Davidson
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Monster
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Oil fell 0.37 to $68.45, Gold gave back $19.70 to $962.60 and the VIX fell 1.86% to 29.62.

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Market Snapshot

Dow +12.89 8763.13 NASDAQ -0.60 1849.4 S&P 500 -2.37 940.09

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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