Dow slipped 18, advancers are barely ahead of decliners & NAZ fell 22. The Financial Index was down a tad to 170, the lower end of its trading range for more than a month..
The MLP index was up 2 to 367 but the REIT index fell a fraction, taking it below 222. Junk bond funds were mixed & Treasuries also had modest changes. Oil is absorbing its run up which took it over $100, still remaining above that important level. Gold pulled back & continues to bob around the mid 1700s.
Photo: Yahoo
The number applying for unemployment benefits fell last week to the lowest level since early Apr, a sign that layoffs are easing & hiring may pick up. Weekly applications dropped 5K to 388K according to the Labor Dept, the 4th decline in 5 weeks. The 4-week average dropped to 397K, the first time the average been below 400K in 5 months. The number receiving benefits also fell to the lowest level since Sep 2008, when Lehman Brothers collapsed & the financial crisis intensified. Some people may no longer be getting benefits because they've found jobs. But a larger number have likely used up all their benefits. The benefit rolls fell 57K to 3.6M in the latest week, the lowest since Sep 2008. That doesn't include about 3M additional people receiving extended benefits from emergency programs put in place during the recession. All told, 6.8M received benefits during the latest week. The pace of hiring over the past few months has been mixed. The economy is growing but not quickly enough to generate many jobs. More mildly good news, but not strong enough to be encouraging.
Lenders started foreclosures on more properties in Q3, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease. Foreclosures rose to 1.08% of all loans from 0.96% in Q1 according to the Mortgage Bankers Assoc. The rate had been falling since Q3 of 2010, when regulators began investigating robo-signing, the practice of pushing through unverified paperwork. Several banks called a temporary halt to foreclosures while they addressed claims of flaws in their court documents. Notices of default, the first step of the foreclosure process, fell every month from Sep 2010, when the claims first surfaced, to a 5-year low in May, according to RealtyTrac. Gloomy news home builders are not happy to hear.
Home Foreclosures in U.S. Rise for the First Time in Year as Backlogs Ease
Sears Holdings Q3 loss widened, dragged down by weakness in Canada, declining consumer electronics sales & softer clothing sales at Kmart stores. The results also missed expectations. The loss per share was $3.95 compared to a loss of $1.98 last year. Removing a pension expense & other items, SHLD lost $2.57 per share while analysts were expecting a smaller loss of $2.29. CEO Lou D'Ambrosio said that the retailer was not satisfied with its performance but that there were some bright spots, such as better sales of clothing at Sears stores & an almost 20% increase in its domestic online business. Sears & Kmart both saw gross margin rates drop, with Kmart hurt by more markdowns for clothing & home goods & Sears mostly hampered by reduced margins in its home appliance & consumer electronics categories. Quarterly revenue slipped 1% to $9.57B, missing estimates of $9.63B. The revenue decline was partly due to fewer Sears & Kmart stores being in operation. Revenue at its Sears stores open at least a year dipped 0.7% & fell 0.9% at Kmart stores. The figure dropped 7.8% for Sears Canada. The stock dropped $2.85 (4%).
Sears Quarterly Loss Widens as Sales Fall at Canadian Stores; Shares Drop
Photo: Yahoo
As protests erupted, Italy's new premier unveiled his economic plan , vowing to spur growth yet fairly spread the sacrifices Italians must accept to save their country from bankruptcy. As Mario Monti spoke, riot police clashed with anti-austerity protesters in Milan, signaling the depths of resistance the economist-turned-premier will have to overcome if his plan is to succeed. "The end of the euro would cause the disintegration of the united market," the former European Union competition commissioner told the Senate ahead of a confidence vote. "The future of the € also depends on what Italy will do in the next weeks." He revealed plans to fight tax evasion, lower costs for companies so they can hire more & possibly lower taxes rates for women, to encourage their increased participation in the work place. He warned Italians they must brace for more "sacrifices," including the probable return of a property tax on primary residences. "We must convince the markets we have started going down the road of a lasting reduction in the ratio of public debt to GDP. To reach this objective we have three priorities: budgetary rigor, growth and fairness," Monti said. He also said he would quickly work on lowering Italy's staggering public debt, which now stands €1.9T ($2.6T), about 120% of GDP. Austerity is needed but it will not go down well with the population.
Italy’s Monti Vows Urgent Action on Debt, Growth
This is another day when little will be decided in the stock market. Greece & Italy are trying solve enormous sized debt problems & Spain is not far behind. Economic news in the US has been mildly good but that has not brought out buyers. Dow can not make up its mind where to go. It continues to hover around 12K until the bulls take control or give up.
Dow Jones Industrial Average
The MLP index was up 2 to 367 but the REIT index fell a fraction, taking it below 222. Junk bond funds were mixed & Treasuries also had modest changes. Oil is absorbing its run up which took it over $100, still remaining above that important level. Gold pulled back & continues to bob around the mid 1700s.
AMZ Alerian MLP Index
DJR Dow Jones Equity REIT Index
Treasury yields:
U.S. 3-month | 0.000% | |
U.S. 2-year | 0.258% | |
U.S. 10-year | 1.997% |
| CLZ11.NYM | ....Crude Oil Dec 11 | ...100.99 | ..... 1.60 | (1.6%) |
| GCX11.CMX | ...Gold Nov 11 | .......1,748.70 | ... 25.10 | (1.4%) |
Get the latest Daily update below:
Photo: Yahoo
The number applying for unemployment benefits fell last week to the lowest level since early Apr, a sign that layoffs are easing & hiring may pick up. Weekly applications dropped 5K to 388K according to the Labor Dept, the 4th decline in 5 weeks. The 4-week average dropped to 397K, the first time the average been below 400K in 5 months. The number receiving benefits also fell to the lowest level since Sep 2008, when Lehman Brothers collapsed & the financial crisis intensified. Some people may no longer be getting benefits because they've found jobs. But a larger number have likely used up all their benefits. The benefit rolls fell 57K to 3.6M in the latest week, the lowest since Sep 2008. That doesn't include about 3M additional people receiving extended benefits from emergency programs put in place during the recession. All told, 6.8M received benefits during the latest week. The pace of hiring over the past few months has been mixed. The economy is growing but not quickly enough to generate many jobs. More mildly good news, but not strong enough to be encouraging.
Lenders started foreclosures on more properties in Q3, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease. Foreclosures rose to 1.08% of all loans from 0.96% in Q1 according to the Mortgage Bankers Assoc. The rate had been falling since Q3 of 2010, when regulators began investigating robo-signing, the practice of pushing through unverified paperwork. Several banks called a temporary halt to foreclosures while they addressed claims of flaws in their court documents. Notices of default, the first step of the foreclosure process, fell every month from Sep 2010, when the claims first surfaced, to a 5-year low in May, according to RealtyTrac. Gloomy news home builders are not happy to hear.
Home Foreclosures in U.S. Rise for the First Time in Year as Backlogs Ease
Sears Holdings Q3 loss widened, dragged down by weakness in Canada, declining consumer electronics sales & softer clothing sales at Kmart stores. The results also missed expectations. The loss per share was $3.95 compared to a loss of $1.98 last year. Removing a pension expense & other items, SHLD lost $2.57 per share while analysts were expecting a smaller loss of $2.29. CEO Lou D'Ambrosio said that the retailer was not satisfied with its performance but that there were some bright spots, such as better sales of clothing at Sears stores & an almost 20% increase in its domestic online business. Sears & Kmart both saw gross margin rates drop, with Kmart hurt by more markdowns for clothing & home goods & Sears mostly hampered by reduced margins in its home appliance & consumer electronics categories. Quarterly revenue slipped 1% to $9.57B, missing estimates of $9.63B. The revenue decline was partly due to fewer Sears & Kmart stores being in operation. Revenue at its Sears stores open at least a year dipped 0.7% & fell 0.9% at Kmart stores. The figure dropped 7.8% for Sears Canada. The stock dropped $2.85 (4%).
Sears Quarterly Loss Widens as Sales Fall at Canadian Stores; Shares Drop
SHLD Sears Holdings Corp.
As protests erupted, Italy's new premier unveiled his economic plan , vowing to spur growth yet fairly spread the sacrifices Italians must accept to save their country from bankruptcy. As Mario Monti spoke, riot police clashed with anti-austerity protesters in Milan, signaling the depths of resistance the economist-turned-premier will have to overcome if his plan is to succeed. "The end of the euro would cause the disintegration of the united market," the former European Union competition commissioner told the Senate ahead of a confidence vote. "The future of the € also depends on what Italy will do in the next weeks." He revealed plans to fight tax evasion, lower costs for companies so they can hire more & possibly lower taxes rates for women, to encourage their increased participation in the work place. He warned Italians they must brace for more "sacrifices," including the probable return of a property tax on primary residences. "We must convince the markets we have started going down the road of a lasting reduction in the ratio of public debt to GDP. To reach this objective we have three priorities: budgetary rigor, growth and fairness," Monti said. He also said he would quickly work on lowering Italy's staggering public debt, which now stands €1.9T ($2.6T), about 120% of GDP. Austerity is needed but it will not go down well with the population.
Italy’s Monti Vows Urgent Action on Debt, Growth
This is another day when little will be decided in the stock market. Greece & Italy are trying solve enormous sized debt problems & Spain is not far behind. Economic news in the US has been mildly good but that has not brought out buyers. Dow can not make up its mind where to go. It continues to hover around 12K until the bulls take control or give up.
Dow Jones Industrial Average
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