Dow soared 267 & closed at the highs, advancers over decliners 4-1 & NAZ rose 48 (despite Apple losing 3). Bank stocks had a stellar day, taking the Financial Index near its 180 interim highs.
MLPs & REITs had gains with the REIT index rising 5+ to 219 after pretty much trading sideways in the last 3 months. Junk bond funds were higher with Treasuries little changed. Oil lost a little in the PM but still had a respectable gain. Gold had a good day but hasn't strayed far from the mid 1600s in recent weeks.
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![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Yahoo
At Verizon Communications, earnings doubled in Q3 due to pension accounting effects, but that masked a weak qtr in the local-phone division, which was hammered by a strike & a hurricane. In wireless, VZ kept adding more high-paying subscribers than rival AT&T (T), another Dow stock, but was hurt by the delayed launch of the new iPhone & missed expectations for the number of new subscribers on contract-based plans. EPS rose to 49¢ from 23¢ last year. Excluding an adjustment in the value of its pension plans, EPS was 56¢,s a penny above expectations. Pension adjustments were larger last year, without them earnings were about even with last year. Revenue rose 5.4% to $27.9B & was in line with expectations. VZ Wireless added 882k subscribers, a slowdown from iPhone-fueled results earlier in the year. Analysts had expected 95K. The stock, yielding 5.3%, was up 32¢ .
Verizon Profit Doubles on SmartphonesVerizon Profit Doubles on Smartphones
Photo: Bloomberg
The ECB may lend more money against asset-backed bonds if issuers provide additional information about the loans underpinning the securities. Banks can borrow money from the ECB liquidity facility by posting collateral, with a discount applied depending on its perceived safety. The Eurosystem Risk Management Committee is discussing lowering the reduction on asset-backed bonds from 16%. This is part of a broader initiative to encourage banks to improve transparency in asset-backed bonds they sell to investors & boost confidence in a market blamed for worsening the credit crisis 4 years ago. The ECB hopes that forcing banks to give more information about the deals will help re-ignite issuance. Financial institutions issued €245B of asset- backed debt this year, compared with €510B the year before the subprime meltdown.
ECB Said to Weigh Bigger Loans for Banks Revealing More on Loan Collateral
Dow was up 140 last week (not a bad week) & up an amazing 900 this month, hard ot believe. I don't see earnings as all that impressive, but hopes are riding high on European officials to come up with magic at meetings in the next week. This sounds like buy on the rumor & sell on the news, The VIX, volatility index, dropped 3 to 31, but remains in high territory. Fears have not been calmed.. The meetings in Europe will direct markets next week. For the moment, the bulls are having their way. They expect short term solutions will solve fundamental problems & they are in charge of the markets.
S&P 500 Financials Sector Index
| Value | 176.57 | |
| Change | 4.08 (2.4%) |
MLPs & REITs had gains with the REIT index rising 5+ to 219 after pretty much trading sideways in the last 3 months. Junk bond funds were higher with Treasuries little changed. Oil lost a little in the PM but still had a respectable gain. Gold had a good day but hasn't strayed far from the mid 1600s in recent weeks.
Alerian MLP Index
| alue | 365.27 | |
| Change | 1.90 (0.5%) |
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Treasury yields:
U.S. 3-month | 0.010% | |
U.S. 2-year | 0.271% | |
U.S. 10-year | 2.209% |
| CLZ11.NYM | ...Crude Oil Dec 1...1 | 87.47 | ... 1.40 | (1.6%) |
Photo: Yahoo
At Verizon Communications, earnings doubled in Q3 due to pension accounting effects, but that masked a weak qtr in the local-phone division, which was hammered by a strike & a hurricane. In wireless, VZ kept adding more high-paying subscribers than rival AT&T (T), another Dow stock, but was hurt by the delayed launch of the new iPhone & missed expectations for the number of new subscribers on contract-based plans. EPS rose to 49¢ from 23¢ last year. Excluding an adjustment in the value of its pension plans, EPS was 56¢,s a penny above expectations. Pension adjustments were larger last year, without them earnings were about even with last year. Revenue rose 5.4% to $27.9B & was in line with expectations. VZ Wireless added 882k subscribers, a slowdown from iPhone-fueled results earlier in the year. Analysts had expected 95K. The stock, yielding 5.3%, was up 32¢ .
Verizon Profit Doubles on SmartphonesVerizon Profit Doubles on Smartphones
Verizon Communications Inc. (VZ)
The ECB may lend more money against asset-backed bonds if issuers provide additional information about the loans underpinning the securities. Banks can borrow money from the ECB liquidity facility by posting collateral, with a discount applied depending on its perceived safety. The Eurosystem Risk Management Committee is discussing lowering the reduction on asset-backed bonds from 16%. This is part of a broader initiative to encourage banks to improve transparency in asset-backed bonds they sell to investors & boost confidence in a market blamed for worsening the credit crisis 4 years ago. The ECB hopes that forcing banks to give more information about the deals will help re-ignite issuance. Financial institutions issued €245B of asset- backed debt this year, compared with €510B the year before the subprime meltdown.
ECB Said to Weigh Bigger Loans for Banks Revealing More on Loan Collateral
Dow was up 140 last week (not a bad week) & up an amazing 900 this month, hard ot believe. I don't see earnings as all that impressive, but hopes are riding high on European officials to come up with magic at meetings in the next week. This sounds like buy on the rumor & sell on the news, The VIX, volatility index, dropped 3 to 31, but remains in high territory. Fears have not been calmed.. The meetings in Europe will direct markets next week. For the moment, the bulls are having their way. They expect short term solutions will solve fundamental problems & they are in charge of the markets.
Dow Industrials (INDU)
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