Stocks try for third gain this week

Dow rose 59, advancers ahead of decliners 2-1 & NAZ was up 27. The S&P 500, up 6 to 820, is working on its best monthly gain in 22 years.


S&P 500 ---- YTD





S&P 500 FINANCIALS INDEX is having a day of mild profit taking. Of course, profits only apply to those who bought in the last few weeks.

Value 125.12

Change -1.15

% Change -0.9%

Sec of Treasury Geithner is calling for a sweeping overhaul of financial institutions, including hedge funds. Such changes will bring more regulation.

•Geithner Says U.S. Needs `New Rules of Game' to Avert Another Bank Crisis


MLPs & REITs were little changed while junk bond funds gained modestly. Oil was up on encouraging data for durable goods orders & home sales.

CLK09.NYM

...Crude Oil May 09

...53.74

... 0.97 .......(1.84%)

First time claims for jobless benefits were up slightly to 652K last week. Last year, the figure was 367K (400K was considered a gloomy number). The total number claiming benefits is nearly 5.6M, the highest since record keeping began 42 years ago. An additional 1½M receive benefits under an extended unemployment compensation program approved by Congress last year. In additional data, the Commerce Dept revised upward shrinkage in domestic GDP for Q4, from a 6.2% annual rate to 6.3%. The unemployment rate at 8.1% is the highest in 25 years, it's expected to peak near 10% later this year.

• Economy dips at faster pace, but better than expected- AP

Barney Frank wants to limit bonuses paid by companies receiving gov aid. This follows the feeding frenzy last week when Congress tried to show it knows about unjustified bonuses, but AFTER THEY APPROVED THEM.

•Frank's House Panel Votes to Limit Bonuses for Companies Getting U.S. Aid


Not much to do while Congressional hearings (which don't accomplish much) drag on. For the time being, stocks have a following wind behind them as the Dow approaches the 8K ceiling. However, ugly macro economic news keeps coming.