S&P 500 FINANCIALS INDEX
| Value | 196.29 | |
| Change | -3.01 (-1.5%) |
The Alerian MLP Index dropped 1¼ to the 303s & has been able to hold up pretty well during the turbulent last couple of months. In contrast, the Dow Jones REIT Index fell 6½ to the 198s & has had a much bumpier time. Junk bond funds sold off in the PM with losses of 1-2%. The VIX shot up 2 to 27 on increasing investment fears. Treasuries were strong in the PM. The yield on the 10-year Treasury bond fell 8 basis points to 3.16%, low end of its yearly range.
Alerian MLP Index --- 2 months
Dow Jones REIT Index --- 2 months
VIX --- 2 months
10-year Treasury Yld Index - 2 months
Oil was weak on lower stock markets but remains in the high end of its trading range over the last year. Gold eked out a tiny gain & wants to go higher for new records.
| CLN10.NYM | ..Crude Oil Jul 10 | ..77.21 | .. 0.61 ......(0.8%) |
| GCM10.CMX | ..Gold Jun 10 | ..1,239.90 | .. 0.20 ......(0.0%) |
A federal judge blocked a 6-month moratorium on new deepwater drilling projects that was imposed in response to the massive Gulf oil spill. The White House will appeal. The administration halted the approval of any new permits for deepwater drilling & suspended drilling at 33 exploratory wells in the Gulf. Big oils were lower in a weak market.
Deepwater Drilling Ban Lifted by New Orleans Federal Judge
The financial overhaul bill being crafted by House-Senate negotiators would tighten protections for consumers by creating a regulator to oversee financial products & services such as mortgages, credit cards & auto loans. The regulator is intended to make those products safer & easier to understand. House-Senate negotiators met for a 3rd week to resolve differences between the 2 versions of the financial-regulatory bill. While other problems are getting more attention, this work keeps plodding along & can affect a lot of people (not to mention financial institutions).
Lawmakers Reject Efforts to Limit U.S. Consumer Agency
Apple (AAPL), the 3rd largest company in terms of market cap, sold 3M iPads since it hit store shelves less than 3 months ago. Demand for the device continues to steam ahead. Shares gained after a number of brokerages raised their price targets on the stock. One analyst raised his fiscal earnings & revenue estimates for AAPL & hiked the price target by $2 to $342. I remember hearing lofty predictions for hot stocks with sexy products before. Oh well, the stock rose a relatively modest 3½ to the 273s (record territory).
Apple Says It Sold Three Million IPads in 80 Days
Enthusiasm over the Chinese moves with the yuan didn't even last a day. Dreary US housing news reminded investors that recessionary forces are still strong. The oil mess is not getting better. Now there is a storm heading towards the Gulf & increased regulation over energy companies is in the offing. Demand for Treasuries & gold is rising, not good for stocks.
Dow Jones Industrials --- 2 months
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