S&P 500 FINANCIALS INDEX
| Value 188.05 | Change 2.89 | % Change 1.6% |
The MLP index is up small change in the 233s while REITs were flat. Junk bond funds were a little higher at their lofty levels for 2009. Treasuries were weak, the yield on the 10-year Treasury bond rose 4 basis points to 3.34% (but still near recent low levels). Oil was flat in the low 68s.
Alerian MLP Index --- 1 month
Dow Jones REIT Index --- 1 month
Jobless claims fell slightly in Aug but the number receiving unemployment benefits rose, the job market's recovery will be long & bumpy. The number of applications for benefits dipped to 570K last week, from an upwardly revised 574K in the prior week & weaker than the 560K that was expected. The number receiving jobless benefits totaled 6.23M, up 92K from the prior week. First-time claims have trended down in recent months & are well below the recession's high of 674K in early Apr. However they are running at levels significantly above 325K (considered a sign of a healthy labor market). Tomorrow the key jobless rate will be reported, it's expected to go up to 9½% for Aug from 9.4% in Jul.
•More Americans Than Anticipated File Jobless Claims as Companies Cut Costs
Retailers had sales declines in Aug, shoppers held back on back-to-school purchases & continued to focus on necessities. A monthly compilation of 31 retailers' results showed sales in established stores fell 2.1%, better than the 3½-4% drop expected. About half of the retailers missed expectations, the winners were mainly discounters. Results were viewed as weak but stronger than they have been recently.
Not a lot is happening in pre-holiday trading. If the unemployment rate reported tomorrow does not produce a great surprise, the rest of the week should be pretty much a non event for stocks. However, Sep with its bad reputation is getting off to a poor start.
Dow Jones Industrials --- 1 month
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