Dow rises, trying to break into the black for 2009

Markets bulls remain in charge. Today gains are limited, but still impressive given how far stocks have come in recent days. Dow is up 22 (only a few points away from its starting point for this year), advancers were 3-2 over decliners, & NAZ was up 6. Banks fell from profit taking following limited gains yesterday. Below is a 1 year graph for the index as a reminder of how far it has come in last 3 months.

S&P 500 FINANCIALS INDEX

Value 163.55

Change -1.76

% Change -1.1%

MLPs keep surging ahead, today up 1 to 232. REITs were soft & junk bond funds also slipped. Oil was down pennies (going under 68) on profit taking.


Alerian MLP Index --- YTD





Pending home sales for Apr posted the biggest monthly jump since Oct 2001. The seasonally adjusted index of sales contracts signed in Apr rose 6.7% to 90.3, above the 85 estimate. The index is a barometer for future existing home sales. More encouraging, the index was 3.2% above last year's levels & has been rising after hitting a record low in Jan. This is considered a sign that the declining period is over, but when the recovery will begin remains uncertain.

•Pending Sales of Existing Homes in U.S. Surge 6.7%, Surpassing Estimates


Treasury yields steadied after its recent sharp rise. Markets were encouraged by Federal Reserve purchases scheduled for the next 2 days. However, yields remain near the highest levels in 6 months.

Treasuries Little Changed, Snap Decline Before Fed Purchases

Markets are absorbing very well 2 enormous bankruptcies, rising interest rates & a sluggish economy.

Dow Jones Industrials --- YTD