S&P 500 FINANCIALS INDEX
| Value 191.08 | Change 4.23 | % Change 2.3% |
The Alerian MLP Index is up pennies while The Dow Jones REIT Index rose almost 4. Junk bond funds were off a little & the yield on the 10-year Treasury bond was essentially even at 3.46%
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
Oil hovers near its high for the year.
| CLU09.NYM | ...Crude Oil Sep 09 | ..72.59 | ... 0.17.......(0.2%) |
Claims for unemployment benefits rose 15K to 576K last week, up from 561K in the prior week. Analysts forecasted new claims slipping to 550K. The number collecting long-term unemployment benefits edged up to 6.24M in the week ended August 8. However, the 4-week moving average declined slightly to 6.27M.
Homeowner delinquencies on mortgages reached a record 9.24% in Q2. The problem has expanded beyond sub-prime to include prime mortgages. This is the aftermath of higher unemployment, people lose jobs forcing them to miss payments. Housing problems will be a drag on the economy for years.
•Mortgage Delinquencies Rise to Record as U.S. Home Prices Fall in Slowdown
Sears (SHLD) was down 8.56 on a dreary earnings report. They lost money vs an expected profit & same-store-sales were down a very big 13%. Sears is the biggest department store chain in the US.
•Sears Falls After Posting Unexpected Loss as Demand for Appliances Drops
Sears --- 1 year
Heinz (HNZ), in a more stable business, reported a profit decline of 7% partially due to a stronger dollar. However EPS of 67¢ beat estimates by a nickel, stock up 60¢. That's the key driver for higher stocks prices in 2009, lower earnings that beat expectations bringing out buyers.
Heinz --- 1 year
Negative news is not bothering the markets very much. Cash-for-Clunkers program hit a snag, dealers aren't getting rebate checks form the gov. What a surprise! They are cutting back ads, another kick in the head the auto makers don't need.
Dow Jones Industrials --- 2 weeks
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