Microsoft (MSFT) talks with Yahoo (YHOO) sends stocks higher. Dow was up 129, advancers 3-2 over decliners & NAZ was up 17. The best reason for optimism is Microsoft's talking to Yahoo, markets like to hear when buyers want to buy. Economic news continues drab. The Conference Board reported the index of leading economic indicators rose 0.1% last month. Even though a down tick had been expected, this number still shows a weak economy. Bulls like a positive number which signals to them the US is not in a recession. Oil prices keeps marching forward, this time nearing 127. AAA reports gas at the pump rose to 3.79, with gas in a few key metro areas topping $4.
Lowe's (LOW) reported profits fell 18% in Q1, sending the stock down 63¢. Their 41¢ slightly beat 40¢ analysts were looking for, once again a key stock beats low expectations. Their comparable store sales were down 8.4%, worse than 6% they predicted. Going forward, they say that challenging economic conditions will continue to hurt. Home Depot (HD), a Dow stock, reports soon.
Last week, Dow, REITs & MLPs were up while junk bonds funds pulled back a little from their recent gains. Dow wants to close above 13K & the MLP index is edging to the 300 level, it's only a point away.
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