S&P 500 FINANCIALS INDEX
| Value 203.36 | Change -0.71 | % Change -0.3% |
In an otherwise quiet market, MLPs are being hit with selling. The Alerian MLP index fell a big 4+ to 245. The Dow Jones REIT Index was off 1 while junk bond funds generally inched up. The yield on the 10 year Treasury bond rose 3 basis points to 3.43%.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
Oil & gold slipped only pennies, oil is in the 72s & Gold is 1012.
Unemployment reports keep coming & they are all gloomy, but you would not know that if the Dow was all that counted. The graph below from Bloomberg gives a better picture of this grim number. Today's report talks about rates for the states. Rhode Island leads & they are afraid to give that number. California, the largest state, was 12.2% last month & Nevada was 13.2%. The "good" news was the number of states with at least 10% unemployment dropped by 1 to 14 (Indiana is out of this group).
•Unemployment Increases in 27 U.S. States; California's Rate Reaches 12.2%
Unemployment rate
U.S. bank regulators will meet to replenish dwindling funds that safeguard bank deposits. Sheila Bair, Chairman of the FDIC, said the agency would put out for public comment the options to rebuild the fund - which has been significantly drained by a sharp increase in bank failures. In 2009, 92 banks have failed, compared with 25 during all of last year and only 3 in 2007. Those failures have brought the balance of the insurance fund down to $10B from $45B a year ago. However, the FDIC has $42B in reserves to handle failures over the next year.
•Bair Says FDIC Is Considering Tapping Treasury to Replenish Insurance Fund
This should be another quiet Fri, but the Dow is already up 200 for the week to new 2009 highs. Investors won't complain.
Dow Jones Industrials --- 2 weeks
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