S&P 500 FINANCIALS INDEX
| Value 166.42 | Change -1.10 | % Change -0.7% |
The MLP index was even, the REIT index slipped 2% while junk bond funds were a little soft. Oil reached 71, another new high for 2009, before settling back a few cents. The average price at the pump rose to $2.63 yesterday.
| CLN09.NYM | ...Crude Oil Jul 09 | ...70.55 | ... 0.54 .......(0.8%) |
Treasuries fell again. The 10 year Treasury bond has its highest yield since Nov as the gov prepares to sell $19B in the securities today. There are also rumors that Russia may sell some of its reserves in U.S. debt to buy IMF bonds. Finance Minister Alexei Kudrin said last month that Russia planned to buy $10 billion of IMF bonds using money from its foreign reserves. Russia holds $138B of U.S. debt & China, the largest U.S. creditor, holds $768B.
•Treasuries Decline After Reports Russia May Reduce Reserves in U.S. Debt
10-Year Treasury Yld Index - 1 month
After approval from the Supreme Court, Fiat now owns the bulk of Chrysler's assets, closing a deal that saves the automaker from liquidation & places a new company in the hands of Fiat. The deal clears the way for a new, leaner Chrysler to emerge from bankruptcy, which will focus on smaller vehicles. Fiat won't provide new money but will give Chrysler small car & engine technology.
Fiat Forms Sixth-Largest Carmaker With Takeover of Chrysler
Stocks are stuck in the mud. They want to go higher, but can't muster up enough steam. Yesterday the president announced a new concept about "pay as you go." Huh??? JUST TODAY, the gov has to borrow an additional $19B. Tomorrow brings more borrowings. What's Nancy Pelosi going to do, go over budgets line by line to save nickels & dimes? Gov spending is out of control & their way to solve the deficits is spend another $1+T on a new health plan. This is what $1T looks like:
$1,000,000,000,000
Dow Jones Industrials --- 1 month
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