Higher bank stocks bring Dow near its 2010 high

Stocks kept rising throughout the day.  Dow gained 80, advancers ahead of decliners 2-1 & NAZ was up 11.  Bank stocks led the rise after Citi (C) reported good enough earnings.  The Financial Index was able to recover some of last week's losses.

S&P 500 FINANCIALS INDEX

Value	197.43
Change	4.51   (2.3%)

The Alerian MLP Index rose ½ to over 350 while the REIT index rose 3 to 222+, a new high for this year.  Junk bond funds were generally higher.  Treasuries rose, rallying from their biggest weekly drop this year, on speculation the Federal Reserve will boost asset (Treasury bond) purchases.  The yield on the 10 year Treasury yield bond dropped a very big 8½ basis points to 2.49%.

Treasury yields

U.S. 3-month		0.13%
U.S. 2-year		0.36%
U.S. 10-year		2.49%

Alerian MLP Index   ---   YTD



Dow Jones REIT Index   ---   YTD



10-Year Treasury Yield Index   ---   YTD





Oil had a good day & is near its best levels of this year (above 85).  Gold buying in the PM pretty much wiped out its AM losses.

CLX10.NYM

...Crude Oil Nov 10

...83.11

..... 1.86

(2.3%)

GCV10.CMX

...Gold Oct 10

......1,370.80

.... 0.30

(0.0%)

$$Gold Super Cycle$$  

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Apple (AAPL), with the 2nd largest market cap in the world, reports earnings after the close.  It is expected to affirm that its 6-month-old iPad tablet computer is selling well in a shaky consumer market, while the iPhone continues to fend off a strong challenge from rival Google (GOOG).  iPhone growth will be the main driver of earnings.  The stock was up 3¼ to 318 to yet another record.

Countdown to Apple Earnings

Apple   ---   YTD






Halliburton (HAL), the world’s 2nd- largest oilfield-services provider, reported that Q3 profits more than doubled as onshore work in North America made up for a slowdown in the Gulf of Mexico.  Q3 EPS climbed to 60¢ from 29¢ last year earlier. Excluding non-recurring items EPS was 58¢, 2 cents higher than forecasted.  However operating income declined in all regions outside of North America, where profit climbed to $573M from $37M last year. Revenue gained 30% to $4.67B.  The number of active US onshore rigs averaged 1587 in Q3, a 71% increase from a year earlier, as energy companies looked for alternatives to offshore drilling.  HAL is one of the largest providers in North America of pressure pumping used to drill in shale formations. The stock fell 1.73 (5%) after a big gain last week, returning to where it was at the start of the week.

Halliburton Net Income Increases as Work Shifts to Onshore


Halliburton  --  YTD





Wal-Mart (WMT), a Dow stock & Dividend Aristocrat, intends to sell $5B of debt, its biggest US bond offering in more than 11 years after borrowing costs fell to record lows last week.The debt is expected to mature in 3, 5, 10 & 30 years. Proceeds will be used for general corporate purposes.  The stock was up 41¢.

 Wal-Mart Planning $5 Billion Bond Offering in Its Biggest Sale Since 1999

Wal-Mart   ---   YTD





Stocks rose steadily during the day taking the Day.  The Dow needs a few more points to crack thru its yearly high.   However while stocks are doing well, gold is at or near record highs & shooting for 1400.

Dow Jones Industrials   ---   YTD

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