Stock averages hardly budged ahead of the jobs report tomorrow. Dow & NAZ were essentially even & the advancers & decliners were equal. Bank stock were a little lower.
The MLP index & REIT index were flat while junk bond funds inched higher. Treasuries were also little changed. Oil was flat & gold fell on an unexciting day of trading.
Photo: Yahoo
Fewer people applied for unemployment benefits last week. Weekly applications fell 12K to 409K according to the Labor Dept, the first decline in 3 weeks. A strike by Verizon workers drove applications higher during the previous 2 weeks but the strike has ended & is no longer affecting applications. The 4-week average rose last week to 410K mostly because of the strike but has come down from 440K in May. Fewer are continuing to receive unemployment benefits. About 3.74M received benefits in the latest week, a drop of 18K from the previous week. But that doesn't include about 3.5M additional laid-off workers who are receiving extended benefits under an emergency program put in place during the recession. All told, 7.3M received benefits.
Jobless Claims in U.S. Fell by 12,000 Last Week
Photo: Bloomberg
General Motors US sales rose 18% in Aug as fuel-efficient vehicles helped offset economic uncertainty & bad weather. But other automakers may not fare as well. Predictions are that car & truck sales slowed in last month because of fewer discounts, worries about the economy & Hurricane Irene, which closed showrooms in the huge East Coast market. GM sold 218K vehicles, including nearly 22K Chevrolet Cruze compact cars. The Chevrolet Equinox & GMC Terrain small crossovers also were strong sellers. Sales of the Terrain jumped 88% while the Equinox rose 54%. GM is the first to report US sales. The stock is up a dime, but down sharply from the IPO last year.
Macy's said that revenue at stores open at least a year climbed 5% in Aug, beating estimates of 4.5%. The store chain emphasized that the increase came despite its closing more than 100 of its 850 stores over the weekend, a key time for back-to-school shopping, because of Hurricane Irene. The company said revenue at stores open at least a year would have climbed about 6.5% without the Irene impact. Total revenue climbed 4.9% to $1.7B in Aug & online revenue climbed more than 35%. YTD revenue totaled $13.5B, up 6.3%. YTD same-store revenue was up 5.8%. The stock rose 67¢ on the encouraging news.
Macy's August revenue beats expectations AP
Not much is going on in the markets. Many traders are away on holiday or vacation & there is no exciting news. No news out of Europe (on sovereign debt problems) is considered good news, although the problems are not going away. Congress comes back next week when it will try to fix a somewhat broken economy. The rest of the day should feature more sideways motion.
S&P 500 Financials Sector Index
| Value | 178.54 | |
| Change | -1.29 (-0.7%) |
The MLP index & REIT index were flat while junk bond funds inched higher. Treasuries were also little changed. Oil was flat & gold fell on an unexciting day of trading.
ALERIAN MLP Index (^AMZ)
Click below for the latest market update:
Treasury yields:
U.S. 3-month | 0.010% | |
U.S. 2-year | 0.192% | |
U.S. 10-year | 2.246% |
| CLV11.NYM | ....Crude Oil Oct 11 | ...88.87 .. | ... 0.06 | (0.1%) |
| GCU11.CMX | ...Gold Sep 11 | .....1,817.80 | ... 10.70 | (0.6%) |
Photo: Yahoo
Fewer people applied for unemployment benefits last week. Weekly applications fell 12K to 409K according to the Labor Dept, the first decline in 3 weeks. A strike by Verizon workers drove applications higher during the previous 2 weeks but the strike has ended & is no longer affecting applications. The 4-week average rose last week to 410K mostly because of the strike but has come down from 440K in May. Fewer are continuing to receive unemployment benefits. About 3.74M received benefits in the latest week, a drop of 18K from the previous week. But that doesn't include about 3.5M additional laid-off workers who are receiving extended benefits under an emergency program put in place during the recession. All told, 7.3M received benefits.
Jobless Claims in U.S. Fell by 12,000 Last Week
General Motors US sales rose 18% in Aug as fuel-efficient vehicles helped offset economic uncertainty & bad weather. But other automakers may not fare as well. Predictions are that car & truck sales slowed in last month because of fewer discounts, worries about the economy & Hurricane Irene, which closed showrooms in the huge East Coast market. GM sold 218K vehicles, including nearly 22K Chevrolet Cruze compact cars. The Chevrolet Equinox & GMC Terrain small crossovers also were strong sellers. Sales of the Terrain jumped 88% while the Equinox rose 54%. GM is the first to report US sales. The stock is up a dime, but down sharply from the IPO last year.
General Motors Company (GM)
Macy's said that revenue at stores open at least a year climbed 5% in Aug, beating estimates of 4.5%. The store chain emphasized that the increase came despite its closing more than 100 of its 850 stores over the weekend, a key time for back-to-school shopping, because of Hurricane Irene. The company said revenue at stores open at least a year would have climbed about 6.5% without the Irene impact. Total revenue climbed 4.9% to $1.7B in Aug & online revenue climbed more than 35%. YTD revenue totaled $13.5B, up 6.3%. YTD same-store revenue was up 5.8%. The stock rose 67¢ on the encouraging news.
Macy's August revenue beats expectations AP
Macy's Inc (M)
Not much is going on in the markets. Many traders are away on holiday or vacation & there is no exciting news. No news out of Europe (on sovereign debt problems) is considered good news, although the problems are not going away. Congress comes back next week when it will try to fix a somewhat broken economy. The rest of the day should feature more sideways motion.
Dow Industrials (INDU)
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1 comment:
Dow can surge to 12000 levels before cracking down, most the stocks are looking tired, its time to be cautious on longs. please visit http://www.kalpeshmaniar.com for accurate forecasting of markets.
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