S&P 500 FINANCIALS INDEX
| Value | 193.73 | |
| Change | 5.01 (2.7%) |
MLPs just keep flying, the index gained 1+ to the 331s (yet another post 2007 high). The REIT index shot up 6½ to 199. Junk bond funds were generally higher while the VIX dropped 2 to the 23s near its lows since early May. Treasuries sold off. The yield on the 10-year Treasury bond rose 4 basis points to 2.93%, still quite low. The € was up back up to $1.29 ahead of the bank stress test results tomorrow.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
VIX --- 2 weeks
10-Year Treasury Yld Index --- 2 weeks
Oil is also sharing in the rising markets while gold has a more modest gain of 5.80 to 1197.
| CLU10.NYM | ...Crude Oil Sep 10 | ...78.34 | ... 1.78 .......(2.3%) |
Photo: Bloomberg
Sales of previously occupied homes fell 5.1% in Jun to an annual rate of 5.37M, according to the National Association of Realtors. Since the popular tax credits expired, the number of buyers for homes has fallen sharply, despite lower prices & the lowest mortgage rates in decades. The situation has been worsened by high unemployment, tight lending standards & rising foreclosures. As sales have slowed, the supply of unsold homes on the market has risen 2½% to almost 4M, nearly a 9 month supply (highest level since Aug). Sales are expected to keep sinking.
Purchases of U.S. Existing Homes Fell in June
Today's earnings reports were well received (the first 3 are in the Dow).
Caterpillar (CAT)_________1.22
AT&T (T)_______________0.68
3M (MMM)______________2.22
Bristol-Myers Squibb (BMY)_0.21
UPS (UPS)______________3.86
Caterpillar -- 2 years
AT&T -- 2 years
3M -- 2 years
Bristol Myers -- 2 years
UPS -- 2 years
This is the first day earnings reports have been well received. But longer term, stocks remain sloshing a little above 10K while MLPs & Treasuries are soaring.
Dow Jones Industrials --- 2 weeks
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