S&P 500 FINANCIALS INDEX
| Value 184.90 | Change 1.64 | % Change 0.9% |
The Alerian MLP Index is off 6½ to the 243s. This could be from profit taking or adjustments made for the many ex-distributions going on. REITs had modest gains after their big rise yesterday which brought the Dow Jones REIT Index back to break even YTD. Junk bond funds were mixed following recent gains. Treasuries fell, the yield on the 10-year Treasury bond rose 3 basis points to 3.65%. Oil was little changed in the 71s.
Alerian MLP Index --- 2 weeks
More jobs were lost in Jul but at the slowest pace since Oct signaling the labor market is stabilizing. 371K jobs were shed, compared with a revised 463K figure in the prior month as reported by ADP (a private employment service). This was worse than the median estimate of 345K. This figure is a proxy for the gov payroll reading on Fri with a median forecast for a decline of 320K in Jul, compared with a 467K drop in Jun.
•Service Industries in U.S. Contracted at Faster Pace in July on Job Losses
Dems in the Senate are pushing to add $2B for the Cash-for Clunker program. After all, that has become chump change when they are eager to throw around $Ts (trillions) on pet projects like health insurance. There is controversy about extending this program since other industries are not getting help.
•Senate Set to Add $2 Billion for U.S. `Clunkers' as Reid, McConnell Agree
In less than a month, the Dow has risen 1K. Markets are overbought & need a rest. The unemployment report coming later this week will give more information about how the recovery is going. However even so called "good" numbers are really dismal when compared to better times.
Dow Jones Industrials --- 2 weeks
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