S&P 500 FINANCIALS INDEX
| Value 200.65 | Change 1.82 | % Change 0.9% |
MLPs saw selling today, the index dropped 1 to the 295s, after barely reaching a new 2010 high of 300.40 yesterday. Again buying in the last hour limited its loss. The Dow Jones REIT Index rose 1 to 183 helped a by favorable report on Feb retail sales. Junk bond funds edged higher while the yield on the 10-year Treasury bond fell 2 basis points to 3.61%.
Alerian MLP Index --- 3 months
Dow Jones REIT Index --- 3 months
Oil was lower but managed to hold above 80. While in a sideways trading zone, gold still has following winds behind it.
| CLJ10.NYM | ..Crude Oil Apr 10 | ..80.29 | .. 0.58 ......(0.7%) |
| GCH10.CMX | ..Gold Mar 10 | ..1,132.60 | .. 10.10 ......(0.9%) |
Greece raised badly needed money to avoid a disastrous debt default & dig out of a financial crisis that has shaken the European Union. The 5-year bond was 3 times oversubscribed, with €15B ($20.5B) in offers received. The Greek gov took €5B ($6.8B) of the issue, offering a 6.3% yield. But the steep yield, compared to benchmark German bonds of equivalent maturity, stressed the need for Greece to accelerate its reform plans, "to restore market confidence and exit the crisis." The sale, most of which was absorbed by international institutional investors, reflects on Greece's ability to raise money to pay off expiring bonds & avoid the risk of default.
•Greece's $6.8 Billion in 10-Year Bonds Advance in `Gray Market' Trading
Photo: Bloomberg
Shoppers shrugged off snow & worries about the economy to buy full-price spring clothing & other items at malls, resulting in the strongest retail sales gain since Nov 2007, a month before the recession started. A broad array of merchants, from luxury retailer Nordstrom (JWN) to midbrow Macy's (M) to discounter Target (TGT & a Discount Aristocrat), reported better-than-expected solid sales increases beating estimates. The overall 3.7% gain in Feb, according to the International Council of Shopping Centers's (ICSC) index of 31 merchants, came in the face of a decline in consumer confidence, high joblessness & tight credit. It marked the 3rd consecutive monthly sales increase for retailers, according to the ICSC. JWN & TGT gained will M fell 15¢
•U.S. Retail Sales Jump the Most in Two Years as Shoppers Defy Snowstorms
Nordstrom --- 2 years
Macys --- 2 years
Target --- 2 years
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This was another day with mixed economic messages. Feb retail sales were good but jobless claims were so-so & the pending new home sales was the usual dreary report for housing. At this time of the month, everybody is waiting for the jobs report. Meanwhile, after its fall in Jan (earnings season), Dow & NAZ have not been able to recover to new highs. Bulls are hoping tomorrow's report will bring buyers back so new 2010 highs can be reached.
Dow Jones Industrials --- 3 months
Nasdaq --- 3 months
1 comment:
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