Markets wander higher

Stocks started with gains but could not build up a head of steam. Dow closed up 40, advancers ahead of decliners 3-2 & NAZ gained 12. The only Dow stocks up 1+ were IBM (IBM) & United Tech (UTX). Banks had a lackluster advance, the Financial Index is just bumbling along near its 6 month lows.


S&P 500 FINANCIALS INDEX

Value 192.36

Change 0.73

% Change 0.4%

MLPs had another decent gain as their index was up 2½ to the 291s & the REIT index gained 1½. Junk bond funds were mixed, little changed. But Treasuries sold off, the yield on the 10-year Treasury bond rose 8 basis points to 3.74%. The Treasury's report yesterday that China sold a large amount of Treasury debt in Dec may be felt in the bond market. The bond's yield is near the high end of its range for the last 2 years.

Alerian MLP Index --- 1 year




Dow Jones REIT Index --- 1 year




1- Year Treasury Yld Index - 2 years









Oil & gold were mixed after yesterday's rally, the biggest in 3 months.

CLH10.NYM

..Crude Oil Mar 10

..77.44

.. 0.43 ......(0.6%)

Gold

___1,115.20

__-4.60__

-0.41

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Toyota (TM), world's largest auto company, said their president has no plans to testify before US congress. Instead they will send the North America chief to testify. A series of vehicle recalls in the last month have damaged Toyota's once-vaunted reputation for quality, safety & reliability. The stock has been punished, down 2 today taking it near the low set 2 weeks ago.

• Toyota chief sidesteps Congress as pressure mounts- Reuters

Toyota --- 2 months









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On the 1 year anniversary of the stimulus bill, the president insisted that the package is "working" (whatever that means). Last year, the bill had to be passed in a rush which meant flying a congressman back from a funeral to participate in the vote. However, the president took another 3 days to sign the bill. Since then unemployment is up 2M & only 1/3 of the money has been spent largely on projects that don't employ too many. Humana (HUM) said it will let 2500 employees go (although it will hire 1100 in growth areas). The net loss of 1400 jobs amounts to 5% of its work force, reductions will come from attrition, outsourcing & job eliminations. Toyota is trying to fix an endless stream of problems. Toyota's problems may be doing damage to the US economy if they scare customers away from all auto dealers. The Greek debt problem lingers on. Dow after recovering this week is still back to where it was in Nov.

Dow Jones Industrials --- 1 year