General Motors stockholders were among the joyous today. GM popped more than a point on hopes about a possible bailout (also helping the Dow). In its pursuit of $5 price for its shares, it rose 1.27 to 4.83.
Other indices joined in. The S&P 500 FINANCIALS INDEX had another great day (rebounding from depressed levels, the 125 low was made last week):
| Value 165.23 | Change 7.77 | % Change 4.9% |
The Alerian MLP Index rose 9 to 177 & the Dow Jones REIT Index was up 6 to 134 (& a sharp rise over the sub 100s just a few days ago, shown below). The unloved high yield (junk) bond funds had a mixed day, some up & others down from their very depressed prices. The VIX pulled back another 6 to 55, signaling some relaxation in the markets.
Dow Jones REITs --- 2 weeks
Stock market enthusiasm spread to commodities. Oil jumped 3½:
| CLF09.NYM | Crude Oil Jan 09 | ...54.33 | .. 3.56 ......(7.0%) |
Fri will be a half day of trading, major changes are not expected until next week when traders return in full force. Then they will digest the report of retail business for Black Friday, among others, an important indication of how well the holiday season will go.
Speaking of holidays,
Happy Thanksgiving to all
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