Banks continued to digest recent gains, easing back today. They have been the market leader, maybe this pause is sending a message. The index is at the high end of a 20 point trading range it has been in for almost 2 months.
S&P 500 FINANCIALS INDEX
| Value 163.32 | Change -1.99 | % Change -1.2% |
The Alerian MLP Index shot up again, 2¼ to the 233s. REITs continued weak as were junk bond funds. Oil was up pennies, pushing for 69. The 10-year Treasury bond rose, reducing it's yield 7 basis points to 3.64%. The chart shows the yield has been flattish, just under the 3¾% peak recorded last week.
10-Year Treasury Yield Index - 2 days
May autos sales sort of bottomed out, but at a dreary level. GM sales dropped 30% while Ford (F) dropped 24% & Toyota (TM) sales fell 40%. The rates of declines are lower then they have been, but they are also off last year's low bases. Recovery remains in the future. F rose 5% & TM fell 73¢.
Bank of America (BAC) has raised almost all of the $34B required following the stress tests, stock up 20¢.
•Bank of America Raises $33 Billion, Will `Comfortably' Meet Capital Target
Dow spent the better part of 2 days hovering just under 8776, starting point for 2009. That ceiling held. Dow barely went into the black for a few mins early in the day, then retreated. Tomorrow it will try again to crack the ceiling.
Dow Jones Industrials --- 2 days
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