Banks had a pretty good day:
S&P 500 FINANCIALS INDEX
| Value 162.42 | Change 2.71 | % Change 1.7% |
MLPs are getting to experience sell-offs like the rest of the stock market, today down a fraction but still in the 219s. REITs & junk bond funds were firm. The Treasury bond rose, taking the yield down 5 basis points to 3.79%.
Alerian MLP Index --- 2 weeks
Healthy gas supplies caused a decline in crude oil but gas at the pump is high at 2.69 (as of yesterday).
| CLN09.NYM.. | Crude Oil Jul 09 | ..69.58 | .. 1.79 ......(2.5%) |
Bad unemployment news keeps droning on. 13 states have unemployment rates in double digits (including the biggest, California). In May, 8 states (including California, Florida & Georgia) reached their highest level of unemployment since records began over 30 years ago. When the national unemployment rate ticks up further, the number of states in double digits will grow.
•Unemployment Exceeds 10% in Quarter of U.S. States, Threatening Recovery
California's problems go from bad to worse. Moody's is preparing to reduce their credit rating "several levels" from A2 because of their inability to close the $24B budget gap. So far, the Feds say they will not get involved. The way to reduce the deficit is higher taxes & budgets cuts, both are ugly.
•California's Credit Rating May Be Lowered by Moody's Amid Financial Crisis
Dow Jones keeps near the break even line for 2009, but can't break thru. Dow is up about 1000 in Q2, but 60% came with the big gains in Apr. S&P 500 has been able to hang there better, up 2% YTD. With problems like housing, autos, more gov spending programs, California, etc., the future remains murky.
Dow Jones Industrials --- YTD
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