S&P 500 Financials Sector Index
| Value | 207.21 | |
| Change | 1.13 (0.5%) |
The MLP index hardly budged but the REIT index rose 1½ to 242 & has been able to recover much of its earlier losses in Jun. Junk bond funds were higher while Treasuries continue to sell off. The yield on the 10 year Treasury has risen 30 basis points this week (a big move) as the QE2 Treasury buying program winds down (although it will continue buying Treasuries as its holdings mature). Oil & gold dont' know what to make of the economic data, not to mention end of month & qtr adjusting that is taking place.
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.020% | |
U.S. 2-year | 0.485% | |
U.S. 10-year | 3.186% |
| CLQ11.NYM | ...Crude Oil Aug 11 | ...95.12 | ... 0.35 | (0.4%) |
| GCN11.CMX... | Gold Jul 11 | .......1,509.70 | ... 0.20 | (0.0%) |
The latest daily market update below:
Photo: Bloomberg
The number seeking unemployment benefits was littler changed last week, as the weak economy is struggling to generate jobs. Unemployment applications ticked down 1K to 428K according to the Labor Dept. Applications have topped 400K for 12 straight weeks after applications had fallen to 375K in Feb, a level that signals sustainable job growth. The 4-week average has been stuck at about 426K for a month. The number receiving unemployment benefits fell 12K to 3.7M, the fewest in about 2 months. But that doesn't include millions who are receiving extended benefits under emergency programs put in place during the recession. All told, about 7.5M are receiving unemployment benefits. More evidence that the recovery is only sputtering.
Jobless Claims in U.S. Decline, Top Estimates
Greece bought some time to deal with its debt crisis. Parliament cleared the final hurdle for crucial bailout funds to be released to prevent the country from defaulting next month. The EU & IMF had demanded that 2 bills be passed, an austerity law & a 2nd bill detailing how it will be implemented, before approving a €12B ($17B) installment from the €110B ($159B) package of rescue loans. The 2nd law was passed with a majority vote. But austerity measures have been met with resistance, 2 days of rioting in the lead-up to the vote.
Greece clears final hurdle to get bailout funds AP
Apple shares dropped 4% this month, capping their worst first-half performance in 3 years, as investors await new products & worry that rivalry from Google (GOOG) will slow growth. Investors are wary of the stock amid evidence that GOOG is gaining ground in smartphones. It’s also been more than a year since AAPL introduced the original iPad tablet & the next iteration of the iPhone isn’t due until Sep. Adding to AAPL woes, Verizon (VZ) will probably say sales of its iPhone dropped when it reports Q2 results (according to a leading analyst). AAPL is up a fraction in the 334s & up $12 YTD (thanks to a rally in the last week).
Apple Stock Has Worst First Half Since ’08
Apple Inc. (AAPL)
HomeAway, the darling IPO yesterday that vaulted $13, is slipping back. It's rated as one of the 10 best IPOs this year, but most of them have drifted lower after the initial surge. The stock is down 74¢ today.
10 Best-Performing IPOs of 2011at TheStreet
HomeAway, Inc. (AWAY)
Jun had been a dismal month but the last week allowed the markets to recover losses. Dow limited its losses in Jun & is up in Q2. YTD it has a gain of over 800. The Alerian MLP is down 9 in Q2 following a rough 2 months, but is up 7 YTD. Traders are evening out positions today with it being the end of month & qtr. All told, markets have held up well given all the uncertainties they have had to deal with, between Greek debt problems & economies that are not rebounding as many had forecasted. But the jobless data is another reminder about a cheerless economy.
Dow Industrials (INDU)
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