S&P 500 Financials Sector Index
| Value | 201.95 | |
| Change | -0.04 (-0.0%) |
The MLP index rose 1¼ to the 372s & the REIT index 1 to the 244. Junk boned funds were flattish & Treasuries were weaker after improved economic news. Oil pulled back a bit but remains close to $100 & gold conttinues rising with growing worries about sovereign debt problems.
Treasury yields:
U.S. 3-month | -0.005% | |
U.S. 2-year | 0.365% | |
U.S. 10-year | 2.916% |
| CLQ11.NYM | ...Crude Oil Aug 11 | ...98.76 | ... 0.71 (0.7%) |
| GCN11.CMX | ...Gold Jul 11 | ........1,592.80 | ... 4.70 | (0.3%) |
The latest daily market update below:
Photo: Bloomberg
Fewer people sought unemployment benefits last week as weekly applications dropped 22K to 405K according to the Labor Dept, the lowest level in almost 3 months. The total was increased by 11K state workers from Minn, who have filed applications because of that state's gov shutdown. Even with last week's decline, applications have now topped 400K for 14 weeks. The economy has faltered & employers responded by cutting back sharply on hiring. Ben Bernanke told Congress that as temporary factors such as high gas prices fade, the economy should grow at a faster pace in H2. But if not, he said the central bank is prepared to do more to stimulate growth.
Photo: Bloomberg
Retail sales unexpectedly edged up in Jun as a rebound in receipts from auto dealers offset the biggest drop in gas sales in a year. Total retail sales rose 0.1% according to the Commerce Dept, after a dipping 0.1% in May. Expectations had been for sales to slip 0.1%. Sales excluding gas rebounded 0.3% after declining 0.2% in May. A limited amount of better economic news.
Retail Sales Stagnate on Unemployment
The Producer Price Index declined 0.4% in Jun according to the Labor Dept, the steepest drop since Feb 2010. Wholesale energy prices fell 2.8%, the biggest decline in nearly 2 years. Gas prices peaked in early May near $4 a gallon, but have fallen steadily since. Prices at the pump averaged $3.65 yesterday & those prices have been creeping up in recent weeks. Food prices rose 0.6%, mostly because of higher fruit & melon costs. Excluding food & energy categories, the core index rose 0.3%, driven largely by a jump in prices for pickup trucks. The core wholesale price index has risen 2.4% in the past year, up from a 2.1% increase in the 12 months ending in May.
Wholesale Prices in U.S. Fell 0.4% in June
Photo: Bloomberg
JPMorgan Chase, a Dow stock, Q2 income rose 13% as the bank collected higher fees from equity & debt underwriting in its investment banking business. The bank also cut losses in its credit card portfolio. EPS was $1.27 in Q2, above estimates of $1.22 & above $1.09 last year. Investment banking income jumped 49%, to $2.1B, as the bank collected higher fees. The bank set aside $2.6B for compensation to its investment bankers, down from $2.9B last year. The lending business faltered in Q2. Despite low interest rates, the bank lost $454M in its auto & mortgage loan operations, compared with income of $364M last year. Even in credit cards, customers weren't spending as much reflecting a lack of confidence in the economy. Total credit card debt fell 12% from last year as customers spent less. JPMorgan reduced its loan loss reserves by $1 billion with more people paying bills on time. The stock gained 1.23.
JPMorgan Beats Estimates as Net Rises 13%
J P Morgan Chase & Co (JPM)
Markets are trying to make sense out of the economic news along with the overhang of debt crisis in DC & Europe. JPM found buyers after its earnings report, we'll see how they treat Citi (C) & Google (GOOG) tonight..
Dow Industrials (INDU)
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