S&P 500 FINANCIALS INDEX
| Value 179.48 | Change -0.07 | % Change -0.1% |
The Alerian MLP index is showing up 2+ to the 250s which does not tie with last night's close. There may be adjustments for ex-distributions accounting for the difference. But any way it's counted, MLPs are at 10 month highs. REITs are flat while junk bond funds keep moving up, reducing their yields. Treasuries sold off again, the yield on the 10-year Treasury bond rose 4 basis points to 3.68%. Oil is off pennies in a lackluster market.
Alerian MLP Index --- 2 weeks
GMAC Financial Services posted a Q2 loss of $3.9B as it transformed from an arm of GM into an independent bank. Last year the loss was $2.5B. Revenue fell 28% to $1.27B from $1.76B. Most of the quarterly loss stems from a $1.6B charge related to company's mortgage business. GMAC also incurred a $1.2B tax charge on its conversion from GM's financing arm to a separate company offering personal banking services in addition to auto loans for GM & Chrysler customers. Excluding those charges, GMAC said its Q2 loss was about $.4B. Gov help was key to keep GMAC alive in Q2 & looks like now they will be able to continue as a bank.
•GMAC Reports Wider $3.9 Billion Loss Amid Defaulted Mortgages, Auto Loans
This is the pause that refreshes.
Dow Jones Industrials --- 2 weeks
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