Dow rose 72, advancers ahead of decliners 3-1 & NAZ was up 27. The Financial Index gained almost 2 to just under 198, near its highs since late Jul. With the market rally, the Alerian MLP Index went up 3 to just over 400, hovering near its record highs. The REIT index shot up 3 to almost 250, near its yearly highs, & junk bond funds gained while Treasuries were mixed. Oil is back over $100 while gold was flat (after rising in Jan).
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month 0.097%
U.S. 2-year 0.286%
U.S. 10-year 1.974%
CLH12.NYM Crude Oil Mar 12 100.59 1.92 (2.0%)
GCG12.CMX Gold Feb 12 1,723.20 0.10 (0.0)
Germany, big daddy with big projects, & the European Commission welcomed Greek approval of austerity steps demanded for bailout II, suggesting euro finance chiefs will pull Greece back from the brink. The Greek parliament’s backing “is a crucial step forward toward the adoption of the second program,” EU Economic and Monetary Affairs Commissioner Olli Rehn said. “I’m confident that the other conditions, including for instance the identification of the concrete measures of 325 million euros ($430 million), will be completed by the next meeting” of finance ministers. Euro-area finance chiefs will meet on Wed, their 2nd extraordinary meeting in a week when ministers declined to ratify the €130B & demanded that Greek officials put their verbal commitments into law. “It’s important for now to complete this program -- and the passage in the Greek parliament yesterday was very important,” Angela Merkel said. “The finance ministers will meet again on Wed to undertake the work on this, but there can’t and there won’t be any changes to the program.” Even if approval is given this week, that's only the next step for bailout II. Approvals need to be given by individual countries, probably later in Feb. The Greek drama will continue for some time.
In US economy, gas at the pump has been creeping up in the last few months to $3.51, from the low $3 area. When crude trades near $100, retail prices are sure to follow. Higher priced inhibits the economic recovery, especially for consumers who have to make choices about where to spend their money. The politicos are running out of time to extend payroll taxes & that will be a major jolt if not passed. So far the rising stock market is not paying much attention as Dow still has its eyes on 13K. Not sure how long this enthusiasm will last.
Dow Industrials
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month 0.097%
U.S. 2-year 0.286%
U.S. 10-year 1.974%
CLH12.NYM Crude Oil Mar 12 100.59 1.92 (2.0%)
GCG12.CMX Gold Feb 12 1,723.20 0.10 (0.0)
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Germany, big daddy with big projects, & the European Commission welcomed Greek approval of austerity steps demanded for bailout II, suggesting euro finance chiefs will pull Greece back from the brink. The Greek parliament’s backing “is a crucial step forward toward the adoption of the second program,” EU Economic and Monetary Affairs Commissioner Olli Rehn said. “I’m confident that the other conditions, including for instance the identification of the concrete measures of 325 million euros ($430 million), will be completed by the next meeting” of finance ministers. Euro-area finance chiefs will meet on Wed, their 2nd extraordinary meeting in a week when ministers declined to ratify the €130B & demanded that Greek officials put their verbal commitments into law. “It’s important for now to complete this program -- and the passage in the Greek parliament yesterday was very important,” Angela Merkel said. “The finance ministers will meet again on Wed to undertake the work on this, but there can’t and there won’t be any changes to the program.” Even if approval is given this week, that's only the next step for bailout II. Approvals need to be given by individual countries, probably later in Feb. The Greek drama will continue for some time.
In US economy, gas at the pump has been creeping up in the last few months to $3.51, from the low $3 area. When crude trades near $100, retail prices are sure to follow. Higher priced inhibits the economic recovery, especially for consumers who have to make choices about where to spend their money. The politicos are running out of time to extend payroll taxes & that will be a major jolt if not passed. So far the rising stock market is not paying much attention as Dow still has its eyes on 13K. Not sure how long this enthusiasm will last.
Dow Industrials
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