After stocks struggled in a choppy day, they eaked out another gain. Dow was up 20, advancers ahead of decliners 3-2 & both NAZ & S&P 500 inched up. Financials & real estate led gainers. MLPs continue to rebound from their recent lows. The index is 282.90 up 17 from it's recent low (but still down 60 from the highs of last year). Once again, volume was "light" indicating a lack of conviction by buyers. The afternoon was a little higher, so Bernanke's testimony must have inspired a little confidence. These hearings are important as they will shape future legislation on security regulation (even if that's still a year away). Bernanke defended FED's actions during a brutal couple of days for the FED. Many on TV give him high marks although these actions may not affect the next ugly financial situation.
In the markets, rice hit a record anticipating higher demand (i.e primarily from lesser developed countries) while corn reached $6. Corn is the leading US export crop, strengthening in anticipation of higher worldwide demand for this product. But the US economy struggles. The jobs report reported earlier keeps pointing to the idea of recession. The number of unemployment applications is 407K, above 400K is considered a serious threshold (higher indicates a very weak economy). American Bankers Assoc said the number of Americans falling behind on debt rose 2.65% & is at the highest level since 1992. The US economy keeps struggling, while overseas markets, especially in eastern Asia, are doing well.
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