Dow ekes out new 2010 high

Dow rose 47, advancers over decliners 5-2 & NAZ gained 11. The Dow extended its winning streak to 7 days, but only gained 180 (or about 25 per day) during this run. That was good enough for a new 2010 high. Banks have been hot for several weeks. The Financial Index went from below the bottom of its trading range (190-210) to break into new high territory today after steady gains for several weeks.


S&P 500 FINANCIALS INDEX

Value 213.74

Change 2.31

% Change 1.1%

The Alerian MLP Index was up a fraction to the 305s, essentially at its yearly highs. But the Dow Jones REIT Index shot up another 2¾ to the 201s, another 18 month high. Junk bond funds settled back a little off their recent high levels. The yield on the 10-year Treasury bond was flattish again, down 1 basis point to 3.64%.

Alerian MLP Index --- YTD




Dow Jones REIT Index - YTD





Oil was able to post a gain but still only has sideways momentum behind it. Gold has done little, holding above 1100 for much of this year.

CLJ10.NYM

..Crude Oil Apr 10

..82.84

.. 1.15 ......(1.4%)

GCH10.CMX

..Gold Mar 10

..1,124.00

.. 1.80 ......(0.2%)

A package worth $17.6 in tax breaks & highway spending cleared Congress & is ready for the pres to sign in efforts to bring down the 9.7% unemployment rate. 11 Reps joined the Dems in the Senate for approval. Note the money is far less then the $863B stimulus package approved last year IN A RUSH which has done little good generating new jobs. This bill will exempt businesses from paying the 6.2% payroll tax on new employees who had previously been out of work & employers will get a $1K tax credit if those workers are still on the job a year later.

• First of several job-creation bills clears congress- Reuters

Health care providers had somewhat limited declines during the ugly days when Dow fell 60% but that was followed by limited recoveries. Below are 4 Dividend Aristocrats: Abbott (ABT), Eli Lilly (LLY), Johnson & Johnson (JNJ) & Merck (MRK), with the latter 2 in the Dow. Now they're being weighed down by the threat of the unknown going on in the finals for health care legislation. Today they were soft. But divs continue to be paid & raised. They might of interest for the very brave.


Abbott Labs --- 2 years




Eli Lilly --- 2 years




Johnson & Johnson - 2 years




Merck --- 2 years

Stocks buyers had their hearts warmed when they heard General Motors is expecting to break into the black, maybe even this year. As a reminder, the gov is the largest shareholder in the new GM. The new jobs stimulus package also helped, but enthusiasm was muted today. The health care bill is still center stage in DC & its outcome is too close to call. In simpler terms, the votes are NOT there in the House so Nancy Pelosi has to come up with more tricks to go over the top with the needed 50%+. Even if it's passed, it still has to be blended with the Senate bill & that fight can be expected to drag on. During all the drama in DC, Dow has been inching up. Not sure if that's good or bad.

Dow Jones Industrials --- YTD




Nasdaq --- YTD