S&P 500 FINANCIALS INDEX
| Value | 194.02 | |
| Change | -1.50 (-0.8%) |
The MLP index fell 1½ to the 355s where it has been all month while the REIT index was off 1½ to the 214s. Junk bond funds were slightly lower. Treasuries rose on growing worries about European debts. The yield on the 10 year Treasury bond fell 5 basis points to 2.77%, a 2 week low.
Treasury yields:
| U.S. 3-month | 0.16% | |
| U.S. 2-year | 0.47% | |
| U.S. 10-year | 2.77% |
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10-Year Treasury Yield Index --- 2 weeks
Oil dropped from the highest price in 2 weeks on concern that the European Union may have to bail out more member states after Ireland agreed to a rescue package. Gold gained for a 2nd day as speculation Europe’s debt woes will worsen.
| CLF11.NYM | ...Crude Oil Jan 11... | 85.50 | ..... 0.23 | (0.3%) |
| GCZ10.CMX | ...Gold Dec 10 | ....1,384.60 | ... 18.60 | (1.4%) |
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A monthly survey shows Americans' confidence in the economy rose in Nov to the highest level in 5 months amid more hopeful signs, an encouraging sign at the beginning of the holiday shopping season. However confidence remains weak as Americans grapple with high unemployment. The Conference Board said its Consumer Confidence Index now stands at 54.1, up from a revised 49.9 in Oct & above expectations of 52.0. This reading marks the highest point since a 54.3 in Jun. The measure of sentiment about present conditions increased to 24 in Nov from 23.5 a month earlier & the gauge of expectations for the next 6 months rose to 74.2 (the highest since May) from 67.5 in Oct. The share of consumers who said jobs are currently plentiful rose to 4% this month, while those who said jobs are hard to get increased to 46.5%. Improvement sounds good, but they're coming off low levels & the increase for those who say jobs are hard to get is disturbing.
U.S. Consumer Confidence Rose in November to a Five-Month High
Consumer confidence - 1 year
Present conditions - 1 year
Expectations for next 6 months - 1 year
Jobs are hard to get - 1 year
Cyber Monday online sales rose 19% yesterday, the biggest internet shopping day of the year so far according to research firm Coremetrics. The average order rose 8.3% to $194.89. Sales of luxury goods rose 24%. Cyber Monday is an indicator of how the rest of the holiday season is shaping up. Online retailers will account for 7% of total retail sales in the US this year, up from 6% last year, according to Forrester Research.
U.S. Online Sales on Cyber Monday Climbed 19%, Coremetrics Says
President Obama & Rep congressional will battle over taxes into a face-to-face meeting with no breakthrough expected soon as Reps show no sign of compromise. Obama plans to host key Reps & Dems at the White House & taxes are at the top of their agenda. Neither side anticipated the meeting would lead to an immediate agreement on extending Bush-era tax cuts that expire at the end of the year. Reps went into the meeting insistent that tax cuts for all Americans be extended, even for the wealthiest ones. If no agreement is reached, taxes on all Americans would increase, a new year shocker that would increase pressure on Washington to act.
Buyers should have come out after the consumer confidence numbers, but not today. Markets are paying more attention to Euro debt problems which are getting larger every day. Treasuries are benefiting but not as much as would be expected. Gold shot up today, the kind of bounce Treasuries would receive if market conditions were better for them. Meanwhile Dow is barely hanging in there above 11K where it was at the start of Oct & Apr.If Euro debt problems worsen, Dec could be another bad month (like May)..
Dow Jones Industrials --- 2 weeks
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