Dow went up 23, advancers barely ahead of decliners & NAZ rose 20 (helped by a 9+ gain for Apple after it said it will begin selling iPad 3 in Mar). The Financial Index inched up a fraction to just over 199, essentially a 7 month high.
The MLP index dropped 3 to the 408s & the REIT index fell 2 to 244. Junk bond funds continued rising but Treasuries were mixed. Oil fell for a 2nd day after orders for durable goods dropped in Jan by the most in 3 years, signaling slower economic growth & lower fuel demand. Gold advanced to a 3-month high as an alternative to a weakening dollar.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Greek PM Papademos
Photo: Yahoo
The Greek gov rushed to push thru legislation detailing tough pension & salary cuts needed to secure access to the country's 2nd bailout. The vote should come shortly on public sector pension cuts & other savings measures aimed at bringing the budget back in line with targets. Ministers, meanwhile, decided to apply labor reforms, such as cuts to the minimum wage, retroactive to Feb 14. Parliament must push thru final bills to receive funds from its new €130B ($174B) package of rescue loans. The bailout & accompanying bond swap deal with private creditors are meant to save the country from a potentially catastrophic default. The austerity moves are not popular in Greece.
Greece to vote on tough salary, pension cuts AP
The price of gasoline rose for the 21st straight day on Tues. Drivers are now paying an average of $3.72 a gallon nationwide, about 24¢ more than before the streak began. The winter surge is being driven primarily by the rising price of oil, which has been above $100 a barrel for 3 weeks as tensions mount between the West & Iran over its nuclear ambitions. Prices are highest in Alaska, California, New York, Connecticut & Hawaii, which is tops at $4.32 a gallon. Nationwide, prices are 10% higher than a year ago & at their highest level ever for the end of Feb. However, the rising price of oil isn't the only factor driving pump prices higher. Every year, refineries must temporarily shut down facilities in order to prepare them for the production of cleaner-burning gas that's required in summer which briefly constrains gas supplies & puts upward pressure on prices. The national average could peak in late Apr as high as $4.25 per gallon. A 30¢ jump in prices, if sustained over a year, would cost the economy about $41B. The Energy Dept, in early Feb estimated that gasoline would average $3.55 a gallon this year, 2¢ higher than last year & forecasted that West Texas Intermediate (WTI) would average $100.40 a barrel, compared with $94.86 a barrel in 2011. But WTI has risen 8% to around $107 a barrel already. Brent crude from the North Sea, used as a proxy for the foreign oil that's imported by US refineries, has gained more than 13% to $122 a barrel. The main reason for the increase is increased tension between Iran & the West.
Gas hits $3.72 per gallon, up 30 cents in month AP
Photo: Bloomberg
IBM (IBM), a Dow stock, laid off more than 1000 workers in North America (already) this week, according to an employee group. The job reductions are mostly in the US along with some in Canada. A spokesman for IBM said that “IBM is constantly rebalancing its workforce.” He continued “That means reducing in some areas and hiring in others -- based on shifts in technology and client demand. This allows IBM to remain competitive and relevant in an industry that is constantly changing.” IBM gained 45¢
IBM Cuts More Than 1,000 Workers, Group Says
Steve Ballmer
Photo: Steve Bloomberg
Since Microsoft, a Dow stock, released its Windows in 1985, most of the sequels have been variations on the same theme. The stakes are much different as it puts the finishing touches on Windows 8, perhaps the most important software in its history. A beta (test) version of the revamped operating system will be unveiled Wed, nudging Windows 8 a step closer to its anticipated mass market release in Sep-Oct. Win 8 was designed to help it keep milking revenue from a PC market that appears to be past its prime, while trying to gain a stronger foothold in the more fertile field of mobile devices. And that market has been defined & dominated by Apple (AAPL), with the largest market cap in the world, & the Android system from Google (GOOG). The stock was up 52¢.
Microsoft Sees Future in Windows 8 Amid iPad Rise
The € was up a penny to $1.34½ on speculation an ECB allotment of 3-year loans to banks tomorrow will bolster investor appetite for European debt. It was also helped by the absence of dreary news on the debt mess. The consumer confidence data was favorable but it represents history at a time when price hikes in gas are sapping enthusiasm. The drop in durable goods orders may be more telling. Even after stuttering for a couple of weeks, Dow still has following winds behind it. But crossing the milestone of 13K should have been welcomed with more buying. Crawling over the line is nothing to be proud of. Tomorrow will be the test to see it can hold.
The MLP index dropped 3 to the 408s & the REIT index fell 2 to 244. Junk bond funds continued rising but Treasuries were mixed. Oil fell for a 2nd day after orders for durable goods dropped in Jan by the most in 3 years, signaling slower economic growth & lower fuel demand. Gold advanced to a 3-month high as an alternative to a weakening dollar.
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.092% | |
U.S. 2-year | 0.285% | |
U.S. 10-year | 1.931% |
| CLJ12.NYM... | Crude Oil Apr 12 | ....106.78 | ... 1.78 | (1.6%) |
Photo: Yahoo
The Greek gov rushed to push thru legislation detailing tough pension & salary cuts needed to secure access to the country's 2nd bailout. The vote should come shortly on public sector pension cuts & other savings measures aimed at bringing the budget back in line with targets. Ministers, meanwhile, decided to apply labor reforms, such as cuts to the minimum wage, retroactive to Feb 14. Parliament must push thru final bills to receive funds from its new €130B ($174B) package of rescue loans. The bailout & accompanying bond swap deal with private creditors are meant to save the country from a potentially catastrophic default. The austerity moves are not popular in Greece.
Greece to vote on tough salary, pension cuts AP
The price of gasoline rose for the 21st straight day on Tues. Drivers are now paying an average of $3.72 a gallon nationwide, about 24¢ more than before the streak began. The winter surge is being driven primarily by the rising price of oil, which has been above $100 a barrel for 3 weeks as tensions mount between the West & Iran over its nuclear ambitions. Prices are highest in Alaska, California, New York, Connecticut & Hawaii, which is tops at $4.32 a gallon. Nationwide, prices are 10% higher than a year ago & at their highest level ever for the end of Feb. However, the rising price of oil isn't the only factor driving pump prices higher. Every year, refineries must temporarily shut down facilities in order to prepare them for the production of cleaner-burning gas that's required in summer which briefly constrains gas supplies & puts upward pressure on prices. The national average could peak in late Apr as high as $4.25 per gallon. A 30¢ jump in prices, if sustained over a year, would cost the economy about $41B. The Energy Dept, in early Feb estimated that gasoline would average $3.55 a gallon this year, 2¢ higher than last year & forecasted that West Texas Intermediate (WTI) would average $100.40 a barrel, compared with $94.86 a barrel in 2011. But WTI has risen 8% to around $107 a barrel already. Brent crude from the North Sea, used as a proxy for the foreign oil that's imported by US refineries, has gained more than 13% to $122 a barrel. The main reason for the increase is increased tension between Iran & the West.
Gas hits $3.72 per gallon, up 30 cents in month AP
IBM (IBM), a Dow stock, laid off more than 1000 workers in North America (already) this week, according to an employee group. The job reductions are mostly in the US along with some in Canada. A spokesman for IBM said that “IBM is constantly rebalancing its workforce.” He continued “That means reducing in some areas and hiring in others -- based on shifts in technology and client demand. This allows IBM to remain competitive and relevant in an industry that is constantly changing.” IBM gained 45¢
IBM Cuts More Than 1,000 Workers, Group Says
International Business Machines Corporation (IBM)
Photo: Steve Bloomberg
Since Microsoft, a Dow stock, released its Windows in 1985, most of the sequels have been variations on the same theme. The stakes are much different as it puts the finishing touches on Windows 8, perhaps the most important software in its history. A beta (test) version of the revamped operating system will be unveiled Wed, nudging Windows 8 a step closer to its anticipated mass market release in Sep-Oct. Win 8 was designed to help it keep milking revenue from a PC market that appears to be past its prime, while trying to gain a stronger foothold in the more fertile field of mobile devices. And that market has been defined & dominated by Apple (AAPL), with the largest market cap in the world, & the Android system from Google (GOOG). The stock was up 52¢.
Microsoft Sees Future in Windows 8 Amid iPad Rise
Microsoft Corporation (MSFT)
The € was up a penny to $1.34½ on speculation an ECB allotment of 3-year loans to banks tomorrow will bolster investor appetite for European debt. It was also helped by the absence of dreary news on the debt mess. The consumer confidence data was favorable but it represents history at a time when price hikes in gas are sapping enthusiasm. The drop in durable goods orders may be more telling. Even after stuttering for a couple of weeks, Dow still has following winds behind it. But crossing the milestone of 13K should have been welcomed with more buying. Crawling over the line is nothing to be proud of. Tomorrow will be the test to see it can hold.
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