Dow began lower & rose into the black where it remained. It finished up 6, advancers over decliners almost 2-1 & NAZ jumped 23 (propelled by a 15 advance to 601 for Apple). Bank stocks settled back a bit, taking Financial Index up only 1+ to the 213s (off 2 from its highs).
The MLP index gained 4 to 401 & the REIT index was up 2 to the 253s, matching its yearly highs (far below the record high of 350 in 2007). Junk bond funds pulled back & Treasuries sank again, driving the yield on the 10 year Treasury bond up to nearly 3.4%. Oil had another good day, heading back to $110 & gold was up modestly.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Yahoo
Homebuilders' feelings about the current housing market haven't changed from Feb, but many are growing more optimistic that sales could pick up in the coming months. The National Association of Home Builders/Wells Fargo said that its builder sentiment index stayed at 28, the highest level since Jun 2007 (followed 5 straight increases). Builders expressed more confidence in sales over the next 6 months. A separate gauge, measuring that outlook, rose in Mar for the 6th straight month, from 34 to 36. However, the industry has a long way to go. Any reading below 50 indicates negative sentiment about the housing market & the index hasn't reached 50 for 6 years. A key reason homebuilders are more optimistic is that they have seen more people express interest in buying a home. Growing interest has occurred alongside other improvements that suggest the market could pick up after 4 weak years. Sales of previously occupied homes rose in Jan to its highest level since May 2010. Mortgage rates have never been lower & home construction has picked up. But prices continue to fall. Builders keep slashing prices to stay competitive. Last year was the worst for new-home sales on records dating back to 1963. Builders are struggling to compete with foreclosures, which have forced down prices of previously occupied homes. In addition, many are finding it hard to qualify for loans or meet higher required down payments. Low appraisals are scuttling some deals after contracts have been signed. As a result, some people who want to buy a new house are holding off because they can't sell their home. The recent rise in yields for Treasuries will increase mortgage rates linked to the 10 year Treasury. Overall, limited good news for housing.
Homebuilder Confidence in U.S. Holds at Highest Since 2007
Photo: Bloomberg
United Parcel Service will buy Dutch peer TNT Express for €5.2B ($6.85B) to boost its position as the world's largest package delivery company outside the US. It will become the market leader in Europe & also gain access to TNT's stronger networks in the fast-growing Asian & Latin American markets, increasing the company's global revenue to more than $60B from $53B in 2011 & leaving it with 477K employees. "TNT Express fits into UPS's long-term network plan," UPS CEO Davis said. "This broadens UPS's global footprint." The deal will expand UPS revenue outside the US to 36% of its total, from 26% today, & increase its presence in Brazil & Australia. The acquisition is the largest by far in the 104-year history of UPS & sharply widens the gap between UPS and #2 FedEx (FDX). The stock rose 2.72 to 81.13.
UPS to Purchase TNT Express for $6.8 Billion
Gas prices keep climbing, now just a dime below the highpoint last year.
Source: AAA
This was a another day with reasonably good news, but markets did not respond in a meaningful way. The Apple div news comes in first place although not a complete surprise after so many have been asking about it. The UPS acquisition was significant & housing news was encouraging. Maybe buyers took long weekends to spend some of their profits. Dow spent most of the day in the black but lost much of those gains in the last hour. Dow is up 1K in Q1 & has doubled off its lows 3 years ago (with only minimal setbacks along the way). That's quite a run!
The MLP index gained 4 to 401 & the REIT index was up 2 to the 253s, matching its yearly highs (far below the record high of 350 in 2007). Junk bond funds pulled back & Treasuries sank again, driving the yield on the 10 year Treasury bond up to nearly 3.4%. Oil had another good day, heading back to $110 & gold was up modestly.
JPMorgan Chase Capital XVI (AMJ)
Click below for the latest market update below:
Treasury yields:
U.S. 3-month | 0.081% | |
U.S. 2-year | 0.379% | |
U.S. 10-year | 2.377% |
| CLJ12.NYM | ...Crude Oil Apr 12 | 108.04 | ... 0.98 | (0.9%) |
Homebuilders' feelings about the current housing market haven't changed from Feb, but many are growing more optimistic that sales could pick up in the coming months. The National Association of Home Builders/Wells Fargo said that its builder sentiment index stayed at 28, the highest level since Jun 2007 (followed 5 straight increases). Builders expressed more confidence in sales over the next 6 months. A separate gauge, measuring that outlook, rose in Mar for the 6th straight month, from 34 to 36. However, the industry has a long way to go. Any reading below 50 indicates negative sentiment about the housing market & the index hasn't reached 50 for 6 years. A key reason homebuilders are more optimistic is that they have seen more people express interest in buying a home. Growing interest has occurred alongside other improvements that suggest the market could pick up after 4 weak years. Sales of previously occupied homes rose in Jan to its highest level since May 2010. Mortgage rates have never been lower & home construction has picked up. But prices continue to fall. Builders keep slashing prices to stay competitive. Last year was the worst for new-home sales on records dating back to 1963. Builders are struggling to compete with foreclosures, which have forced down prices of previously occupied homes. In addition, many are finding it hard to qualify for loans or meet higher required down payments. Low appraisals are scuttling some deals after contracts have been signed. As a result, some people who want to buy a new house are holding off because they can't sell their home. The recent rise in yields for Treasuries will increase mortgage rates linked to the 10 year Treasury. Overall, limited good news for housing.
Homebuilder Confidence in U.S. Holds at Highest Since 2007
United Parcel Service will buy Dutch peer TNT Express for €5.2B ($6.85B) to boost its position as the world's largest package delivery company outside the US. It will become the market leader in Europe & also gain access to TNT's stronger networks in the fast-growing Asian & Latin American markets, increasing the company's global revenue to more than $60B from $53B in 2011 & leaving it with 477K employees. "TNT Express fits into UPS's long-term network plan," UPS CEO Davis said. "This broadens UPS's global footprint." The deal will expand UPS revenue outside the US to 36% of its total, from 26% today, & increase its presence in Brazil & Australia. The acquisition is the largest by far in the 104-year history of UPS & sharply widens the gap between UPS and #2 FedEx (FDX). The stock rose 2.72 to 81.13.
UPS to Purchase TNT Express for $6.8 Billion
United Parcel Service, Inc. (UPS)
Gas prices keep climbing, now just a dime below the highpoint last year.
This was a another day with reasonably good news, but markets did not respond in a meaningful way. The Apple div news comes in first place although not a complete surprise after so many have been asking about it. The UPS acquisition was significant & housing news was encouraging. Maybe buyers took long weekends to spend some of their profits. Dow spent most of the day in the black but lost much of those gains in the last hour. Dow is up 1K in Q1 & has doubled off its lows 3 years ago (with only minimal setbacks along the way). That's quite a run!
Dow Industrials
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