S&P 500 FINANCIALS INDEX
| Value 214.14 | Change 0.67 | % Change 0.3% |
MLPs are having another good day, the index rose 3 to 302. The REIT index gained 2½ to the 214s. Junk bond funds were up around 1%. Treasuries slipped, taking the yield on the 10-year Treasury bond up 3 basis points 3.57% (heading to the 3.7% area it had been in). The VIX, volatility index, plunged 3 to the 25s on easing fears.
Alerian MLP Index --- 1 week
Dow Jones REIT Index -- 2 weeks
VIX --- 1 month
Oil inched up despite the oil wells spilling oil in the Gulf. And gold is soaring to new heights! The recent chart looks beautiful at a time stocks have done well but have also learned to live with much higher volatility (greater risk).
| CLM10.NYM | ...Crude Oil Jun 10 | ...76.41 | ... 0.04 .......(0.1%) |
| Gold | ___1,241.90... | 21.60... | 1.8% |
GLD (ETF) --- 2 months
The US trade deficit rose to a 15-month high as rising oil prices pushed crude oil imports to the highest level in 1½ years. The Commerce Dept said the trade deficit rose 2.5% to $40.4B in Mar, the biggest monthly trade deficit since Dec 2008. Exports rose 3.2% to $147.9B, the highest since Oct 2008 while imports were up 3.1% to $188.3B. However the outlook for exports has been reduced by the fiscal crisis in Europe. Greece accounts for only 0.2% US exports, but the 16 European nations using the € account for 15%. So far this year, the deficit is running at an annual rate of $467B, 23% higher than last year's imbalance of $379B.
U.S. Economy: Trade Gap Widens in Sign of Global Growth Rebound
US trade balance - 1 year
Enterprise Products (EPD), the largest MLP, raised a whopping $2B in notes:
(1) $400M in notes due 2015 at a fixed rate of 3.70%
(2) $1B in notes due 2020 at a fixed rate of 5.2%
(3) $600M in notes due 2040 at a fixed rate of 6.45%
This was done at a time many businesses are complaining banks are not lending (like they should). The rates are favorable, at a relatively modest premium over comparable Treasuries. The units were up 33¢.
Enterprise Products prices $2 billion in notesAP
Enterprise Products --- 2 years
Markets have responded strongly to the Euro bailout package, even though it has not been approved by legislatures of lending countries. The US is also part of this story, but that is getting little attention. UK has a new coalition PM who is talking tough on fixing the economy. But if done right, that will have a cost. Macy's (M) had modest earnings last qtr & their stock is down pennies. Market momentum has swung back in favor of the bulls.
Dow Jones Industrials -- 2 weeks
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