S&P 500 FINANCIALS INDEX
| Value 154.25 | Change 1.75 | % Change 1.1% |
MLPs are loosing steam, they're entitled after their big gains in 2009. REITs & junk bond funds are mixed. Oil is slipping after its recent assault on 60 failed.
Alerian MLP Index --- 2 weeks
| CLM09.NYM | ...Crude Oil Jun 09 | ...57.24 | ... 0.78 .......(1.3%) |
The number of workers filing jobless claims increased 32K to a seasonally adjusted 637K for the week ended May 9, reversing an easing trend in the prior 2 weeks. Much of the increase was due to Chrysler's bankruptcy & related claims. This suggests the economy remains trapped in the recession which began Dec 2007. However, the pace of job losses shows signs of losing momentum in recent weeks as nonfarm payrolls dropped by 539K in Apr (smallest decline in 6 months).
•Unemployment Claims in U.S. Jump More Than Forecast on Idled Auto Plants
Ford will tell its stockholders at the annual meeting today about how it has been able to muddle thru this terrible period for auto companies. They have restructured debt, adjusted agreements with unions & were able to sell stock. Their stock is around 5, not that bad compared to General Motors (GM) stock which is struggling to retain a handle of 1.
There is not a lot of dramatic news today. The SEC is considering suing Countrywide, now part of Bank of America (BAC), over stock Mozilo (their founder) sold prior to its collapse. Chrysler will close about 25% of its dealer network. But the lingering reports about high employment dragging on (when it's not rising) is very disturbing for the markets. Dow doesn't know what to make of it all, so remains in a narrow sideways band:
Dow Jones Industrials --- 2 weeks
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