S&P 500 FINANCIALS INDEX
| Value 196.22 | Change 0.19 | % Change 0.1% |
The Alerian MLP Index found support, gaining 1+ to the 294s & may want to take out the recent 300 high. The REIT index was flat, staying near its Sep high. Junk bond funds were slightly higher. The yield on the Treasury 10-year Treasury bond slipped 2 basis points to 3.62%. Treasuries got through another week of massive Treasury borrowing in good shape thanks to greater concerns about foreign debts.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
Oil was able to advance in a quiet market while gold was even, remaining over 1100.
| CLJ10.NYM | ...Crude Oil Apr 10 | ...78.94 | ... 0.77 .......(1.0%) |
| Gold | ...1,108.4___0 | -0.10 | ___-0.01 |
In Jan sales of previously occupied homes took a large drop for the 2nd straight month, falling to the lowest level since summer. This is another sign that the housing market's recovery is faltering. The National Association of Realtors said sales fell 7.2% to an annual rate of 5.05M from a downwardly revised pace of 5.44M in Dec (the forecast was for a 5.5M rate). The median sales price at $164K was unchanged from a year earlier & down 3.4% from Dec.
January Home Sales Fall 7.2 Percent- AP
American International Group (troubled AIG) had another ugly qtr. It reported a quarterly loss of $8.9B. Results were hurt by charges related to US loan payback, asset divestments & higher loss reserves. As a result, they may need additional gov aid. However it should have adequate liquidity to "finance and operate AIG's businesses and continue as a going concern for at least the next 12 months." AIG reported an adjusted loss of $53.23 per share, compared with an adjusted loss of $287.69 per share last year (analysts had been expecting a loss of $3.94 per share). It's difficult to tell how ugly the loss really is, but it's bad & spells more trouble for supporting any recovery in the US economy. The stock dropped 2 to 25½ & down sharply from the reverse stock split period in 2008.
AIG --- 2 years
Stocks edged up in Feb, but just barely & remain lower YTD. Dreary housing numbers combined with AIG's losses reinforce the notion that the economic recovery is sputtering at best.
Dow Jones Industrials --- 2 weeks
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