June 4, 2009 (FinancialWire) (By Philip Holmes) — Stocks ended lower on Wednesday. It seems that the world wasn’t going along with OPEC’s latest attempt at crude oil prices, sending energy players like Chevron Corp. (NYSE: CVX) and Exxon Mobil (NYSE: XOM) down. There’s hope yet for another bubble, though: the government is pushing no money down mortgages again!

The Dow Jones industrial average ended the trading session at 8,675.24, down 65.63 points. The Standard & Poor’s 500 Index .dropped 12.98 points, to 931.76, while the Nasdaq Composite Index lost 10.88 points to close at 1,825.92.

Dreaming of another $4 a gallon summer? So far, all attempts at re-creating the great bubble of 2008 have been failing. After dramatically rising in recent weeks, crude oil prices dropped more than three percent. It seems that, (surprise!), inventories are up.

Another 532,000 private-sector workers are following a trail of little green shoot vomit to the unemployment line, according to figures released Wednesday. Also, the service sector contracted on May, according to Institute for Supply Management data. It’s OK, though, services don’t play a big role in the U.S. economy. Not since the government took over GM.

Speaking of that wise Uncle, it seems as of the Federal Housing Administration is going to allow first-time home buyers use their $8,000 tax credit toward the purchase of houses.

As BusinessWeek’s Theo Francis reports, “Officials hope ‘monetizing’ the tax credit will help revive the housing market, because meeting closing costs is one of the biggest hurdles for new home buyers.”

The $8000 tax credit was part of the stimulus package. By allowing the funds to be used for down payments and closing costs, buyers can offset the 3.5% minimum down payment FHA loans require.

It’s probably not enough to reignite the housing bubble, but at least we can see the government is thinking in that direction. Next up, no-doc Option ARMs funded by the GSE’s! A new mortgage program for unemployed people with FICO scores in the low 500s!

It will feel like 2005 all over again.

The Investrend Economics Calendar lists Chain Store Sales for May, Productivity Index for Q1 (8:30 a.m.), Weekly Initial Jobless Claims (8:30 a.m.), Treasury announces 3&10-year note auctions (11 a.m.).

The Investrend Events Calendar showcases AMTD, ETFC, OXPS, IBKR at Sandler O’Neill & Partners Global Exchange and Electronic Trading Conference; APD, BLL at Goldman Sachs Basic Materials Conference; CIT, MA, LM, BLK at Keefe, Bruyette & Woods, Inc. Diversified Financial Services Conference; CNQR, AZO, CNX, CXG at Raymond James Boston Spring Investors Conference; COP, LNG, FE, WR at Citi Power and Utility Conference; EMC, INTC, GOOG, SY at Bank of America and Merrill Lynch U.S. Technology Conference; ERII, CCI, SE at Macquarie Securities Infrastructure Conference; FLR, JEC, CBI, EME at Credit Suisse Group Engineering & Construction Services; ITRI, ESLR, FCEl, CPST at Lazard Capital Market’s Alternative Energy & Infrastructure Conference; JNJ Pharmaceutical Business Review; MCO Investor Day; PKD Analyst Meeting; SPG, SLG, FRT, BRE at NAREIT Investor Forum; TRV Analyst Meeting.

The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session’s trading showed 12 advancers versus 38 decliners. Advancers were led by Antigenics Inc. (NASDAQ: AGEN) up 73.20%, Tivo Inc. (NASDAQ: TIVO) up 53.30%. Decliners followed Valero Energy Corp. (New) (NYSE: VLO) down 17.78%, Jetblue Airways Corporation (NASDAQ: JBLU) down 14.71%, Us Nat Gas Fd Etf (NYSE: UNG) down 8.38%, Powershares Db Crude Oil Double (NYSE: DXO) down 7.24%, Petroleo Brasileiro S.A. (NYSE: PBR) down 6.50%.

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Quote of the Day: “By all means marry; if you get a good wife, you’ll be happy. If you get a bad one, you’ll become a philosopher.” Socrates

Today is: International Innocent Child Abuse Victim Day, National Day in Tonga,

Happy Birthday: Socrates, Rosalind Russell, Dennis Weaver, Bruce Dern, John Drew Barrymore, Freddy Fender, Michelle Phillips, Parker Stevenson, Angelina Jolie.

Today in History: The first historic solar eclipse was recorded in China in 780 BC. Sir Walter Raleigh established first English colony on Roanoke Island, old Virginia (now North Carolina) in 1584. A transit of Venus in 1769 was followed five hours later by a total solar eclipse, the shortest such interval in the historical past. The Montgolfier brothers publicly demonstrated their montgolfière (hot air balloon) in 1783. Following Louisiana’s admittance as a U.S. state in 1812, the Louisiana Territory was renamed the Missouri Territory. The very first Pulitzer Prizes were awarded in 1917. Jonathan Pollard pleaded guilty in 1986 to espionage for selling top secret United States military intelligence to Israel.

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