S&P 500 FINANCIALS INDEX
| Value 166.76 | Change 0.37 | % Change 0.c% |
The high yield sector is doing very little. The biggest change is REIT index up 1.
Treasuries rose following the auctions of the last 3 days. The Treasury 10 year note yield fell 8 basis points to 3.78%. The chart below shows that just in the last 2 months, the 10 year note collapsed in price resulting in the yield shooting up almost one percentage point. With no new debt coming to market next week, these markets may settle back.
10-Year Treasury Yield Index - 2 months
Oil eased after its big run. Maybe traders are taking a long weekend after the profits they've made.
| CLN09.NYM | ...Crude Oil Jul 09 | ...72.04 | ... 0.64 .......(0.9%) |
News from the consumer confidence report was muddy at best. Consumer confidence in Jun rose to a 9 month high. The index of confidence for June rose to 69.0, up from 68.7 in May but below expectations of 69.5. The gauge of inflation expectations rose to its highest in months, creating concern about how the Federal Reserve will react. For the 3rd month the consumer sentiment reading was at its highest since the Lehman debacle last Sept when the reading was 70.3. Economic damage from that episode is still being felt & may linger. Reflecting ongoing worries, consumers' assessment of the 12-month economic outlook fell to 61 in Jun from 75 in May.
•Consumer Confidence in U.S. Climbs a Fourth Month as Job Losses Moderate
Dow keeps bumping its head against the starting point for this year, but can't break thru. For 2 weeks, it has been trading choppy in a fairly tight trading band. S&P 500 has also been trading in a sideways choppy pattern, but it's up almost 4% YTD.
Dow Jones Industrials --- 2 weeks
S&P 500 --- 2 weeks
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