S&P 500 FINANCIALS INDEX
The Alerian MLP Index inched up a fraction, still above 380 while the Dow Jones REIT Index fell 1+ to the 231s. Junk bond funds were mixed on continuing strong demand for junk bonds, especially when new debt is sold. Treasuries were mixed on the confusion from Libya. The yield on the 10 year Treasury bond was up 1½ basis points to 3.51%, little changed from where it has been for weeks.
Oil rose to a 29-month high as escalating violence in Libya bolstered concern that supply disruptions may spread through the Mideast. Gold futures climbed to a record for the 3rd time in a week as escalating violence in Libya & concern that inflation will accelerate boosted demand for the metal as an investment haven. I'm having problems getting charts, but below is one for gold topping $1440 earlier today.
|CLJ11.NYM||...Crude Oil Apr 11||...105.64 ||.... 1.22 (1.2%)|
|GCH11.CMX||...Gold Mar 11||......1,436.90 ||... 8.70 (0.6%)|
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The price at the pump is only 60¢ away from the record in 2008 & looks like it will break thru to records shortly. This rise will pinch the recovery very hard.
|Week Ago Avg.||$3.368||$3.468||$3.613||$3.713||$2.840||$3.737|
|Month Ago Avg.||$3.122||$3.251||$3.377||$3.480||$2.672||$3.516|
|Year Ago Avg.||$2.747||$2.917||$3.022||$2.896||$2.339||$3.079|
There is not a lot of corp news, attention is on higher oil prices from the civil war in Libya. Unsettled conditions may drag on for weeks if not longer which will send crude oil prices higher. I'm having problems getting my regular charts, hope they will return soon. In the meantime, the Dow charts show how Dow has stalled just above 12K & it's sharp slide today (down over 100 in one hour).
Dow Jones Monthly Stock Chart
Dow Jones Intraday stock chart
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