Dow was up 37, advancers about 20% ahead of decliners & NAZ fell 5. Bank stocks received much of the buying attention, taking the Financial Index to a new Oct high.
The MLP & REIT indices each had gains. Junk bond funds rose while Treasuries were a tad lower, bringing higher yields. Oil was flattish but gold had another big drop in what is turning out to a bad month despite growing economic uncertainties in Europe.
Get the latest daily market update below:
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
German Chancellor Merkel won’t allow the euro region to split because she understands that could cause “a dark age” by wrecking the bloc’s energy markets as oil supplies dwindle, as told to an adviser. Europe’s 500M residents, the wealthiest market on earth, have led the development of technologies to drive global growth. She's meeting with the French PM Zarkosy before the big summit meeting on Sun & try to iron out differences over their approaches to solve European debt problems.
Photo: Bloomberg
Sales of existing homes fell in Sep, extending declines & gains that show the industry continues to be buffeted by consumer pessimism & unemployment above 9%. Purchases dropped 3% to a 4.9M annual rate, matching forecasts, according to the National Association of Realtors. The median price dropped 3.5% from a year ago & about one in 5 real-estate agents polled said contracts had been canceled. Growing pessimism about the economy, unemployment above 9% & limited access to credit are keeping some people from taking advantage of near record-low mortgage rates while foreclosures add to the supply of homes. Good news in the industry is years off.
Sales of Existing U.S. Homes Fell as Forecast in September
Photo: Bloomberg
AT&T, a Dow stock, reported Q3 sales that missed estimates as customers waited for this month’s newest iPhone & pay-TV subscriber gains slowed. Sales fell 0.3% to $31.5B at AT&T. EPS rose to 61¢, matching estimates. AT&T added 319K wireless subscribers, down from 331K in Q2. IPhone activations slowed as consumers waited for the latest version of the iPhone. The stock fell a dime & yields 6%.
AT&T Third-Quarter Sales Miss Analysts’ Estimates on Slowing IPhone Demand
Dow fluctuated around breakeven all day, ending with a modest gain. Merkel & Zarkozy are having a pre-meeting before the bigger meeting on Sun when Euro powers are supposed to come up with solutions for their debt problems. Stocks rose on the news, but faded later. A basic problem which comes up over & over, is how big a haircut (that means write-down) investors are supposed to take on Greek debt. France does not want big haircuts because that would hurt banks (especially French banks). Dow keeps bumping against the 10.6K ceiling without cracking thru. The VIX, volatility index, was up a fraction in the 34s (high territory).
S&P 500 Financials Sector Index
| Value | 172.49 | |
| Change | 3.06 (1.8%) |
The MLP & REIT indices each had gains. Junk bond funds rose while Treasuries were a tad lower, bringing higher yields. Oil was flattish but gold had another big drop in what is turning out to a bad month despite growing economic uncertainties in Europe.
Alerian MLP Index
| Value | 363.12 | |
| Change | 2.23 (0.6%) |
Get the latest daily market update below:
Treasury yields:
U.S. 3-month | 0.010% | |
U.S. 2-year | 0.262% | |
U.S. 10-year | 2.173% |
| CLX11.NYM | ...Crude Oil Nov 11 | ...85.98 | ... 0.13 | (0.2%) |
German Chancellor Merkel won’t allow the euro region to split because she understands that could cause “a dark age” by wrecking the bloc’s energy markets as oil supplies dwindle, as told to an adviser. Europe’s 500M residents, the wealthiest market on earth, have led the development of technologies to drive global growth. She's meeting with the French PM Zarkosy before the big summit meeting on Sun & try to iron out differences over their approaches to solve European debt problems.
Sales of existing homes fell in Sep, extending declines & gains that show the industry continues to be buffeted by consumer pessimism & unemployment above 9%. Purchases dropped 3% to a 4.9M annual rate, matching forecasts, according to the National Association of Realtors. The median price dropped 3.5% from a year ago & about one in 5 real-estate agents polled said contracts had been canceled. Growing pessimism about the economy, unemployment above 9% & limited access to credit are keeping some people from taking advantage of near record-low mortgage rates while foreclosures add to the supply of homes. Good news in the industry is years off.
Sales of Existing U.S. Homes Fell as Forecast in September
AT&T, a Dow stock, reported Q3 sales that missed estimates as customers waited for this month’s newest iPhone & pay-TV subscriber gains slowed. Sales fell 0.3% to $31.5B at AT&T. EPS rose to 61¢, matching estimates. AT&T added 319K wireless subscribers, down from 331K in Q2. IPhone activations slowed as consumers waited for the latest version of the iPhone. The stock fell a dime & yields 6%.
AT&T Third-Quarter Sales Miss Analysts’ Estimates on Slowing IPhone Demand
AT&T Inc. (T)
Dow fluctuated around breakeven all day, ending with a modest gain. Merkel & Zarkozy are having a pre-meeting before the bigger meeting on Sun when Euro powers are supposed to come up with solutions for their debt problems. Stocks rose on the news, but faded later. A basic problem which comes up over & over, is how big a haircut (that means write-down) investors are supposed to take on Greek debt. France does not want big haircuts because that would hurt banks (especially French banks). Dow keeps bumping against the 10.6K ceiling without cracking thru. The VIX, volatility index, was up a fraction in the 34s (high territory).
Dow Industrials (INDU)
Get your favorite symbols' Trend Analysis TODAY!
Find out what's inside Trend TV!
No comments:
Post a Comment