S&P 500 FINANCIALS INDEX
The MLP index was up a fraction in the 336s, good enough for a new 2010 high while the REIT index was up 1 to 211. Junk bond funds are mixed as they have been all week. The € rose a little to $1.36½ on the weaker dollar. Treasuries dropped on economic recovery signs making it less likely the Federal Reserve will buy Treasuries. The yield on the 10 year Treasury bond was up 3 basis points to 2.54%, not that serious of a sell off by Treasuries.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10Year Treasury Yield Index --- 2 weeks
Oil rose on the favorable outlook for the economy & gold is digesting its record run into the 1300s.
|CLX10.NYM||...Crude Oil Nov 10||...79.26 ||... 1.40||(1.8%)|
|GCV10.CMX||...Gold Oct 10||...1,305.50 ||... 3.00 (0.2%)|
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Initial jobless claims decreased 16K to 453K last week, lower than forecasted. Claims were projected to fall to 460K. The total number receiving unemployment insurance & those getting extended payments also dropped 83K to 4.46M. However, enough jobs aren’t being added to reduce the unemployment rate. The graphs below show that this data remains dreary!
Jobless Claims in U.S. Decreased 16,000 to 453,000 Last Week
Weekly jobless claims - 1 year
# continuing to receive benefits - 1 year
The U.S. economy grew at a 1.7% annual rate in Q2, marking the slowdown in growth that has concerned the Federal Reserve. The revised increase in GDP compares with a 1.6% estimate last month, a 3.7% in Q1 & 5% at the end of 2009. More mixed news about the economy & its recovery.
U.S. Economy Grew 1.7% in Second Quarter as Recovery Slowed
Markets gave up early gains quickly, but that could also influenced by end of the qtr selling. It looks like AIG (AIG) will be paying back the gov, another good sign which will have little impact on the $1+ trillion deficit, showing how the financial markets have improved in the last 2 years. Dow continues to lumber along staying close to 10.8K. It's not getting that excuse to carry on to higher levels which are important technically.
Dow Jones Industrials --- 2 weeks
Diversification Doesn't Work!
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