Dow has eighth weekly advance, reaching 11,200

Buying in the PM, especially into the close, brought the Dow to another 18 month high. Dow was up 70, advancers ahead of decliners 2-1 but NAZ was only up 11 (hurt from a tepid reaction to earnings reports from some of its biggest members). Banks weighed down from upcoming increased regulation still had a decent day, shown in the Financial Index.

S&P 500 FINANCIALS INDEX

Value 226.22

Change 0.90

% Change 0.4%

The Alerian MLP Index added almost 2 to the 217s, another 2010 high. The REIT index was up 2½ to 214. Of course, junk bond funds were higher. Treasuries sold off, the yield on the 10-year Treasury bond went up 5 basis points to 3.82% (maybe taking another look at its 4% ceiling for the last few years).


Alerian MLP Index --- YTD




Dow Jones REIT Index --- 2 weeks





Buyers returned to commodities in the PM. Oil is back near the high of its trading range (80-85) & gold has returned to its recent highs in the 1150s.

CLM10.NYM

..Crude Oil Jun 10

..85.10

.. 1.40 ......(1.7%)

GCJ10.CMX

..Gold Apr 10

..1,154.60

.. 12.30 ......(1.1%)

Gold Super Cycle! Click Here

Verizon (VZ), a Dow stock, the largest wireless carrier, is finding there's a limit the number of people who will sign 2-year contracts for cell phone service. It gained a net of just 423K wireless customers in Q1, the lowest number in nearly a decade & below expectations. But VZ said it's not losing market share. The results demonstrate that the engine that has kept the wireless industry booming for more than a decade is running out of steam. VZ earned 14c per share in Q1, down from 58c last year. The results included a previously announced charge of 34c, reflecting a change in the health care reform package regarding the tax treatment of benefits. Revenue rose 1.2% to $26.9B. The stock has had a bumpy time of it during the recession, but it has a healthy yield of 6.6%. Today it dropped 29¢.

•Verizon adds few contract customers in 1Q
AP


Verizon --- 2 years





Kimberly-Clark (KMB), Dividend Aristocrat, said high marketing costs & a charge related to Venezuela's currency devaluation dragged Q1 profits down 6% despite revenue growth from higher prices. But it reaffirmed its full-year earnings guidance. KMB earned 92¢ per share down from 98¢ last year. Excluding currency-related charges, EPS was $1.14 & analysts had estimated $1.16. Revenue rose 8% to $4.84B. KMB expects higher costs in 2010, particularly for pulp. It lowered the low end of its revenue forecast, now predicting 2010 revenue will grow 4-6%. The stock fell 1.22 to 60.90 with a 4.3% yield.

Kimberly-Clark 1Q profit falls though revenue up
AP


Kimberley-Clark --- 2 years






Greece is drawing on its $60B loan, lending nations are working out details. The € rallied to almost $1.34. Buyers on Wall Street are happy, they took Dow over 11.2K. Winning streaks are great, but they have to come to an end.


Dow Jones Industrials --- 2 weeks

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