Dow was up 69 (but 50 off its highs), advancers over decliners 3-1 & NAZ gained 25. Material stocks & banks led the markets higher, with the Financial Index nearing its 189 highs reached in Nov.
The MLP index fell 1 to 390 & the REIT index rose 3 to the 233s. Junk bond funds were slightly higher & Treasuries were flattish. Oil held onto its gains & gold vaulted 24 & is up more than 100 from its lows 2 weeks ago.
ALERIAN MLP Index
DJ REIT INDEXDJR
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
Employers added 4.15M workers in Nov, up 107K from the prior month according to the Labor Dept. The number of positions filled in the 3 months to Nov was the highest since Mar-May 2010. This report follow other reports which indicate layoffs have eased, highlighting an improvement in the labor market that is contributing to a rebound in consumer confidence & spending. The number of jobs waiting to be filled dropped in Nov for a 2nd month, a sign gains in payrolls will take time to develop. In Europe, French business confidence climbed from a 2 year low in Dec & industrial production rose a month earlier, signs the threat of recession in the euro region’s 2nd-biggest economy is easing. Today’s report from the Labor Dept showed job openings dropped 63K to 3.16M. Fewer openings may mean the financial crisis in Europe & political gridlock in the US are prompting companies to wait until there is more evidence the US is weathering the challenges.
Hiring Climbs in U.S., Underscoring Job Market Gains: Economy
Oil production in North Dakota surged 42% to 510K barrels a day in Nov, exceeding the output of OPEC (smallest) member Ecuador, as energy explorers accelerated drilling in the Bakken Shale formation. The output topped a half-million barrels for the first time during the month. North Dakota’s 6300 wells produced enough oil to displace imports from foreign suppliers such as Iraq or Columbia. Oil producers have spurred a 5 fold increase in oil output by using intensive drilling practices to tap the Bakken, a geologic formation that stretches across southern Alberta & the northern US Great Plains. Production will continue to increase as drillers hone their techniques. In the Bakken formation alone, crude production rose 56% in Nov to 443K barrels a day from a year earlier, accounting for 87% of the state’s total Nov output. MLPs are building infrastructure to move this oil to market & the Alerian MLP Index is near its record high (shown above).
North Dakota Surpasses OPEC Member Ecuador in Oil Production
Photo: Bloomberg
Hewlett-Packard, Dow stock, introduced a $1400 laptop at CES called the Envy 14 Spectre, which packs a 14-inch screen into a compact chassis encased in black. Meanwhile Dell, is preparing to release its ultrabook, an industry term created by Intel (another Dow stock). for light, thin laptops. Personal-computer makers are going after the MacBook Air, Apple’s (AAPL) best-selling laptop, which is less than an inch thick. However, all such computers are very higly priced. The Spectre features a glossy black-glass lid that sits atop a silver glass palm rest & weighs less than 2 pounds with the ability to run for 9 hours on one charge, In addition Vizio is pushing into the PC market after shaking up the television industry with its rock-bottom prices. HPQ & DELL were each up 25¢.
HP, Dell Targeting Apple’s ‘Fashionista’ Buyers With New Ultrabook Laptops
Markets had another good day but lost momentum in the PM. The US economy is showing strength. The earnings report from Alcoa (AA) was drab but the forecast for more aluminum this year was encouraging. Big banks will report later this week giving more information about business. Dow is up 250 so far in 2012 as markets are not too concerned with goings on in DC & attention to European financial problems is fading on hopes problems will solve themselves.
S&P 500 Financials Sector Index
| Value | 185.06 | |
| Change | 3.57 (2.0%) |
The MLP index fell 1 to 390 & the REIT index rose 3 to the 233s. Junk bond funds were slightly higher & Treasuries were flattish. Oil held onto its gains & gold vaulted 24 & is up more than 100 from its lows 2 weeks ago.
ALERIAN MLP Index
DJ REIT INDEXDJR
Treasury yields:
U.S. 3-month | 0.010% | |
U.S. 2-year | 0.238% | |
U.S. 10-year | 1.974% |
| CLG12.NYM | ...Crude Oil Feb 12 | ....102.24 | ... 0.93 | (0.9%) |
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Employers added 4.15M workers in Nov, up 107K from the prior month according to the Labor Dept. The number of positions filled in the 3 months to Nov was the highest since Mar-May 2010. This report follow other reports which indicate layoffs have eased, highlighting an improvement in the labor market that is contributing to a rebound in consumer confidence & spending. The number of jobs waiting to be filled dropped in Nov for a 2nd month, a sign gains in payrolls will take time to develop. In Europe, French business confidence climbed from a 2 year low in Dec & industrial production rose a month earlier, signs the threat of recession in the euro region’s 2nd-biggest economy is easing. Today’s report from the Labor Dept showed job openings dropped 63K to 3.16M. Fewer openings may mean the financial crisis in Europe & political gridlock in the US are prompting companies to wait until there is more evidence the US is weathering the challenges.
Hiring Climbs in U.S., Underscoring Job Market Gains: Economy
Oil production in North Dakota surged 42% to 510K barrels a day in Nov, exceeding the output of OPEC (smallest) member Ecuador, as energy explorers accelerated drilling in the Bakken Shale formation. The output topped a half-million barrels for the first time during the month. North Dakota’s 6300 wells produced enough oil to displace imports from foreign suppliers such as Iraq or Columbia. Oil producers have spurred a 5 fold increase in oil output by using intensive drilling practices to tap the Bakken, a geologic formation that stretches across southern Alberta & the northern US Great Plains. Production will continue to increase as drillers hone their techniques. In the Bakken formation alone, crude production rose 56% in Nov to 443K barrels a day from a year earlier, accounting for 87% of the state’s total Nov output. MLPs are building infrastructure to move this oil to market & the Alerian MLP Index is near its record high (shown above).
North Dakota Surpasses OPEC Member Ecuador in Oil Production
Hewlett-Packard, Dow stock, introduced a $1400 laptop at CES called the Envy 14 Spectre, which packs a 14-inch screen into a compact chassis encased in black. Meanwhile Dell, is preparing to release its ultrabook, an industry term created by Intel (another Dow stock). for light, thin laptops. Personal-computer makers are going after the MacBook Air, Apple’s (AAPL) best-selling laptop, which is less than an inch thick. However, all such computers are very higly priced. The Spectre features a glossy black-glass lid that sits atop a silver glass palm rest & weighs less than 2 pounds with the ability to run for 9 hours on one charge, In addition Vizio is pushing into the PC market after shaking up the television industry with its rock-bottom prices. HPQ & DELL were each up 25¢.
HP, Dell Targeting Apple’s ‘Fashionista’ Buyers With New Ultrabook Laptops
Hewlett-Packard Company (HPQ)
Dell Inc. (DELL)
Markets had another good day but lost momentum in the PM. The US economy is showing strength. The earnings report from Alcoa (AA) was drab but the forecast for more aluminum this year was encouraging. Big banks will report later this week giving more information about business. Dow is up 250 so far in 2012 as markets are not too concerned with goings on in DC & attention to European financial problems is fading on hopes problems will solve themselves.
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