S&P 500 FINANCIALS INDEX
| Value 197.95 | Change -5.10 | % Change -2.5% |
MLPs fell, related to the drop in oil prices. The Alerian MLP Index fell a big 4+ to the 261s but the Dow Jones REIT index was down only pennies in its 2 month trading zone. Even hot junk bond funds saw selling. Treasuries fell sharply, ahead of a record $123B in Treasury notes to be sold this week (for funding the stimulus programs which have not been helping the economy so far & record deficits). The yield on 10-year Treasury bond reached its highest yield in 2 months, 3.55%.
Alerian MLP Index --- 1 year
Dow Jones REIT Index --- 1 year
Yield on 10-Year Treasury bond - 1 year
Enterprise Products Partners (EPD) & TEPPCO Partners completed the merger of the 2 partnerships. With a value of $30 billion, 48K miles of pipelines & a market capitalization of $18B, Enterprise becomes the largest MLP in the US.
Enterprise and TEPPCO Complete Merger; Announce Results of Exchange Offer for TEPPCO NotesBusiness Wire
Enterprise Products --- 1 year
Oil fell back below the important 80 level. Gold's decline took it back to its lowest level in 3 weeks.
| CLZ09.NYM | ..Crude Oil Dec 09 | ..78.72 | .. 1.78 .......(2.2%) |
| GCV09.CMX | ..Gold Oct 09 | ..1,039.90 | .. 15.70 ......(1.5%) |
Caterpillar (CAT), a Dow stock, had to lay off another 2500 workers but will be able to rehire 550 others because of increased orders. The stock fell 53¢ along with the markets but has doubled from its lows earlier this year.
Caterpillar --- 1 year
Stock markets are not giving earnings reports a warm reception. This week Kellogg (K), Procter & Gamble (PG & a Dow stock), Met Life (MET) & the big oils will be reporting. Dow is back to its lowest level in 2 weeks (i.e. the start of earnings season).
Dow Jones Industrials --- 1 year
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