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Market Update : 
Payroll Decline Heralds U.S. Recession
Author: 123jump.com Staff
123jump.com
Last Update: 6:24 PM EST March 07 2008

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The Fed acted to bolster the liquidity in the credit market by increasing the size of the next two auctions to $50 billion each and also extended facility to lend $100 billion in the short term. The news helped to limit the declines in banks and brokerage stocks. The February payroll declined 63,000 after the revised employment in January fell 22,000. The sharpest decline in five years prompted economists to predict the arrival of recession. Thornburg Mortgage has margin call of $610 million.

 
Bond Yields increased on 10-year U.S. bonds to 3.55% and on 30-year bonds declined to 4.56%.

Commodities, Metals, and Currencies

Crude oil decreased 3 cents to close at $105.44 per barrel for a front month contract, natural gas increased 3 cent to $9.77 per mBtu, and gasoline futures increased 3.98 cents to close at 269.30 cents per gallon.

Gold decreased $2.90 in New York trading to close at $974.20 per ounce, silver closed up 2.5 cents to $20.25 per ounce, and copper for front month delivery increased 1.80 cents to 392.15 per pound.

Wheat futures decreased 20.00 cents in Chicago trading and closed at $11.05 per bushel. Sugar decreased 46 cent to 13.14 cents per pound. Soybean future closed down 50.00 cents to $14.08 per bushel.

Dollar edged lower and traded near a record low against euro to $1.53481 and edged higher against yen to 102.7750.
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