Dow gained 88, advancers over decliners 3-1 & NAZ went up 23. Bank stocks led the way with the Financial Index up 2+ to the 202s (an 8 month high). The MLP index was down 1+ to the 402s while the REIT index rose 2+ to 248 (just 5 below its yearly high). The graph below for an ETN tracking the MLP index shows how it has stalled after reaching a record high 3 weeks ago. Junk bond funds were mixed & Treasuries were weak, taking their yields to 5 month highs. Oil & gold fell while stocks rose.
Photo: Yahoo
Spending on retail goods stepped up in Feb, a stronger job market is boosting the economy. Consumers bought more autos, clothes & appliances (while paying higher prices for gas). The Commerce Dept said retail sales increased 1.1% last month, the biggest gain since Sep & the gov upwardly revised the previous 2 months. One factor driving the increase was a 3.3% rise in gas sales last month, the biggest increase in nearly a year. Excluding gas station sales, retail sales still increased a solid 0.8%. Auto sales rose 1.6%. Department stores increased 1.5% (the largest gain since Nov 2010) & sales at appliance & electronics stores rose 1%. The gain pushed total sales to a record $408B, 20% higher than the recession low hit in Mar 2009. The report reflected private data released earlier in the month. Automakers reported having the best annual sales pace in 4 years, despite the surge in gas prices. An unusually mild winter had depressed sales of cold weather items during the holiday season, but that turned out to be beneficial in Feb because it helped to lift spending on spring merchandise.
Retail Sales in U.S. Rose in February by Most in Five Months
The number of jobs openings fell in Jan from a 3½ year high, suggesting healthy hiring could continue but may not accelerate. The Labor Dept said employers posted 3.46M job openings in Jan, down from 3.54M advertised in Dec (the most since Aug 2008). The department revised data back to Jan 2007. Employers have added an average of 245K jobs per month in the past 3 months. However, 12.8M remain unemployed. That means an average of 3.7 people competed for each open job, the same as Dec.
US job openings fell in January from 3½ year high AP
Intel, a Dow stock, is considering creating an online pay-television service that works on TV sets, computers & mobile devices. It reached out to media companies & cable channels about getting the rights to broadcast shows. INTC would sell a web-connected set-top box capable of streaming TV & video-on-demand programming. The plan would let consumers get their shows without subscribing to traditional cable & satellite TV services. But this is in an early stage, & it’s uncertain whether the company will gain the rights needed for the proposed service. Apple (AAPL) & Google (GOOG) are also trying to compete in this area. The company’s interest in television is part of a strategy to expand beyond the PC market. The stock was up 40¢.
Intel Said to Seek Programming Rights to Start Online Television Service
Stocks finally got the boost bulls were looking for which took Dow back over 13K. The chart below shows how much it has been struggling during the last month. The FOMC meeting will bring an announcement in a few hours, but no excitement is expected. There is talk the economic strength (such as shown with retail sales) could start them thinking about ending low interest rates earlier than planned. The biggies are meeting in Europe, but they are just talking.
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.076% | |
U.S. 2-year | 0.330% | |
U.S. 10-year | 2.073% |
| CLJ12.NYM | ....Crude Oil Apr 12 | ...105.90 | ..... 0.44 (0.4%) |
| GCH12.CMX... | Gold Mar 12 | ......1,689.20 | ... 10.00 (0.6%) |
Get the latest daily market update below:
Spending on retail goods stepped up in Feb, a stronger job market is boosting the economy. Consumers bought more autos, clothes & appliances (while paying higher prices for gas). The Commerce Dept said retail sales increased 1.1% last month, the biggest gain since Sep & the gov upwardly revised the previous 2 months. One factor driving the increase was a 3.3% rise in gas sales last month, the biggest increase in nearly a year. Excluding gas station sales, retail sales still increased a solid 0.8%. Auto sales rose 1.6%. Department stores increased 1.5% (the largest gain since Nov 2010) & sales at appliance & electronics stores rose 1%. The gain pushed total sales to a record $408B, 20% higher than the recession low hit in Mar 2009. The report reflected private data released earlier in the month. Automakers reported having the best annual sales pace in 4 years, despite the surge in gas prices. An unusually mild winter had depressed sales of cold weather items during the holiday season, but that turned out to be beneficial in Feb because it helped to lift spending on spring merchandise.
Retail Sales in U.S. Rose in February by Most in Five Months
The number of jobs openings fell in Jan from a 3½ year high, suggesting healthy hiring could continue but may not accelerate. The Labor Dept said employers posted 3.46M job openings in Jan, down from 3.54M advertised in Dec (the most since Aug 2008). The department revised data back to Jan 2007. Employers have added an average of 245K jobs per month in the past 3 months. However, 12.8M remain unemployed. That means an average of 3.7 people competed for each open job, the same as Dec.
US job openings fell in January from 3½ year high AP
Intel, a Dow stock, is considering creating an online pay-television service that works on TV sets, computers & mobile devices. It reached out to media companies & cable channels about getting the rights to broadcast shows. INTC would sell a web-connected set-top box capable of streaming TV & video-on-demand programming. The plan would let consumers get their shows without subscribing to traditional cable & satellite TV services. But this is in an early stage, & it’s uncertain whether the company will gain the rights needed for the proposed service. Apple (AAPL) & Google (GOOG) are also trying to compete in this area. The company’s interest in television is part of a strategy to expand beyond the PC market. The stock was up 40¢.
Intel Said to Seek Programming Rights to Start Online Television Service
Intel Corporation (INTC)
Stocks finally got the boost bulls were looking for which took Dow back over 13K. The chart below shows how much it has been struggling during the last month. The FOMC meeting will bring an announcement in a few hours, but no excitement is expected. There is talk the economic strength (such as shown with retail sales) could start them thinking about ending low interest rates earlier than planned. The biggies are meeting in Europe, but they are just talking.
Dow Industrials
Get your favorite symbols' Trend Analysis TODAY!
No comments:
Post a Comment