S&P 500 FINANCIALS INDEX
| Value 189.16 | Change -0.24 | % Change -0.1% |
The MLP index is up pennies while the Dow Jones REIT Index pulled back 1+. Junk bond funds were generally higher. The yield on the 10-year Treasury bond rose 6 basis points to 3.38% ahead of next week's auctions for another $70B in Treasuries.
Alerian MLP Index --- 2 months
Dow Jones REIT Index --- 2 months
Oil fell to the 67s but remains near its high of 75 last week. Gold has been rocketing ahead for the last 5 months on increasing fears, but today it fell from profit taking (still above 990 per ounce) before the long weekend.
| CLV09.NYM | ...Crude Oil Oct 09 | ...67.67 | ... 0.29 .......(0.4%) |
| GCU09.CMX | ...Gold Sep 09 | ...991.30 | ... 4.50 .......(0.5%) |
Employers cut 216K jobs in Aug, fewer-than-expected, but the unemployment rate rose to a 26-year high. The unemployment rate was 9.7% in Aug & the decline in payrolls was the smallest in a year. Job losses for Jun & Jul were revised to show 49K more jobs lost than previously reported. The labor force increased by 73K in Aug, indicating the return of some jobless workers who had given up looking for work accounting for part of the rise in the unemployment rate. This report confirmed the pace of layoffs was easing from early this year, when nearly ¾M jobs were lost in Jan. Education & health services continued to add jobs, increasing 52K in Aug after rising 21K in Jul.
•Unemployment Rate in U.S. Climbs to 9.7% as Payroll Losses Slow to 216,000
The Shanghai stock market is off 20% from its high one month ago. Maybe nothing, maybe a leading indicator for US markets.
Shanghai Composite --- 3 months
The unemployment report gave mixed & unclear signals about the strength of the economic recovery. Once again, there is something in it for everybody, making either bulls or bears happy. In the absence of an unexpected announcement, markets will probably wind down going into the long weekend.
Dow Jones Industrials --- 2 months
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