Below are the first 5 stories from Yahoo. All talk about lower results & worries about the stress tests with the sentiment that down was not as bad as expected, sending stocks higher. Yahoo points to Ford (F) & home sales. Dow is back over 8K.
- March new home sales down 0.6 pct, beat expectations- AP
- Ford posts $1.4 billion loss, burns less cash- AP
- Bank industry to hear results of 'stress tests'- AP
- 3M 1st-quarter profit slips 48 pct- AP
- Durable goods fall less than expected in March- AP
Banks are participating.
S&P 500 FINANCIALS INDEX
| Value 145.72 | Change 2.03 | % Change 1.4% |
The Alerian MLP Index was up .30. Distributions were increased by Holly Energy Partners (HEP) & Suburban Propane Partners (SPH). Constellation Energy Partners (CEP) continued their 13¢ payment (52¢ annualized) from Q1. That was slashed from $2.25 annualized rate they had been paying. Their units are up 20¢ to 2.60, still yielding an impressed 20% based on the slashed rate. If they get their act together & reinstate the former rate, the yield would be about 80%. Overall MLPs have been getting thru their earnings season in good shape with little distribution destruction. April has been a time when Dow has been trading sideways near 8K. But AMZ has been quietly edging up to 205, above the 190-200 trading range it has lived in for most of 2009.
- Holly Energy Partners Declares DistributionPR Newswire(Thu 12:19pm)
- Suburban Propane Partners, L.P. Declares Increase in Annualized Distribution Rate to $3.26 per Common UnitPR Newswire(Thu 7:30am)
- Constellation Energy Partners Declares Cash DistributionBusiness Wire(Fri 7:30am)
Alerian MLP Index --- 1 month
REITs have also been having a good month (up 2.70 today):
Dow Jones REIT Index --- 1 month
Junk bonds are also having a good month while VIX, volatility index, has been dropping to the mid 30s. Investors have calmed down, willing to accept more risk for higher yields. In all fairness, junk bond funds in particular, have not been thru the rough patch which is coming.
Oil is up, back over 50, on the enthusiasm for stocks.
| CLM09.NYM | ...Crude Oil Jun 09 | ...51.19 | ... 1.58 .......(3.2%) |
High yield securities are finding new friends in Apr but traditional stocks (including banks) haven't been able to get a head of steam going.
Dow Jones Industrials --- 1 month
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