The market review for September, 25st

Stock trades in the U.S. ended on September 23 decline in major indexes. The fall in commodity prices affect the price of shares in the mining and energy sectors. So, against the background of lower metals prices, the largest paper in the U.S. gold miner Newmont Mining Co. and one of the largest in the world mededobyvayuschih company Freeport-McMoRan Copper & Gold Inc. fell 3,6% and 2,82% respectively.

As the analysts of the Moscow Stock Center, on Wednesday in the U.S. went out data on reserves of energy resources: oil and petroleum products for the week ending September 18, unexpectedly rose by 2.8 million barrels. In addition, on September 23 ended a two-day meeting of the U.S. Federal Reserve, where the range of interest rates, as expected, was left unchanged – 0-0,25%. Representatives of the Reserve also made a number of important statements: interest rates will remain at such low levels for a long time, but inflation will remain low. According to them, the economic situation in the United States has improved slightly after a serious recession. Following the discovery of a neutral environment in the U.S. indices started to rise, updating the annual maximums. Nevertheless, after the announcement of the range of interest rates and further performances of head FRS of Ben Bernanke quotes began to be adjusted downwards. Among outsiders session should allocate oil and gas and banking sectors, and the best performing stocks were the telecommunications and engineering industries, the experts concluded.

As a result of lower oil prices declined quotes the world’s largest oil company Exxon Mobil Corp. (-1.19%), As well as smaller industry representatives Chevron Corp. (-1.73%) And ConocoPhillips (-1,74%).

Reduction of quotations on the basis of trades occurred in the financial sector. At 3,03% cheaper shares of one of the largest U.S. bank JPMorgan Chase & Co., And the value of securities Citigroup Inc. decreased by 2,8%.

At the same time in the red zone session ended for the insurance companies, after analysts at Morgan Stanley lowered the recommendations of the sector to “attractive” to “at the market.” As a result, at 5.23% decreased quotes one of the country’s largest life insurance companies Prudential Financial Inc. Separately, experts have lowered the recommendation on shares of Prudential from “above market” to “at market”, which also does not add optimism to investors.

Meanwhile, for some companies session ended much more successful. Quotations automobile concern Ford Motor Co. increased by 4.99% after the company’s statement that it expects growth in domestic demand due to improved economic situation in the country.

At 2.38% and the share price rose telecommunications company AT & T, as analysts CNBC recommended them to buy.

Dow Jones index dropped by 81.32 points (-0.83%) – up to 9,748.55 points
NASDAQ – to 14,88 points (-0.69%) – up to 2,131.42 points
S&P fell 10.79 points (-1.01%) – up to 1,060.87 points.

Sector :

Industry :

Technical Perspective:

The S&P formed a potential negative outside reversal day (set a new 2009 high on a higher high/lower low and closed near the low) on above average volume (distribution day). However, TRIN closed above 2.0 and although this doesn’t preclude follow through pressure, the market often at least attempts a recovery the following session. A close under the low (1060) would add weight to the near term correction scenario. Short term support below is at the week long range floor (1057) with a secondary zone at 1051/1048. Short term resistance is at 1066/1067 followed by 1071/1072.

Key economic data:
-Initial Jobless Claims for the week ended Sept. 19 (consensus 550K; prior 545K) and Continuing Claims for the week ended Sept. 12 (consensus 6.180 mln; prior 6.230 mln) at 8:30ET
-August Existing Home Sales at 10:00ET (consensus 5.35 mln; prior 5.24 mln)

Federal Reserve/Treasury calendar:
-Chicago President Evans speaks on asset prices and regulation at 10:30ET
-Secretary Geithner speaks ahead of the G-20 summit at 16:30ET

Key Note/Bond auction results:
-$29 bln in 7-year Notes at 13:00ET

Earnings:
-RIMM, as well as smaller names ALOG, CBK, FINL and TIBX, are confirmed to report today after the close

Key industry conferences:
-None

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