Dow lost 30, decliners over advancers 2-1 & NAZ is down 7. The Financial Index was up a fraction in the 213s & up 38 in Q1.
The MLP index fell 3 to the 391s (20 below its record highs last month) & the REIT index was of 1+ to the 251s (just below its yearly highs). Junk bond funds & Treasuries were mixed. Oil continues little changed as talk about releasing oil from the strategic reserves has not been a factor in trading. Gold is showing flattish, although a later reading has it down $11.
Photo: Bloomberg
Orders for durable goods rose in Feb as demand for cars, computers & capital equipment spurred the 4th monthly gain in the last 5. Bookings increased 2.2%, less than projected, after a revised 3.6% decline the prior month, according to the Commerce Dept. Expectations were for a 3% decline. Corp equipment upgrades & consumer purchases of new cars are bolstering production, keeping the industry a source of strength for the expansion. However higher fuel costs & slowdowns in Europe & China may limit the pace of manufacturing this year. Orders for durables excluding transportation equipment increased 1.6% after a 3% decline in Jan. Demand for transportation equipment climbed 3.9%, led by a 6% advance in civilian aircraft orders. Boeing (BA), a Dow stock, received 237 orders last month, up from 150 in Jan. Bookings for automobiles & parts increased 1.6%, the most since Oct, after a 1.3% rise the previous month. The data is so-so.
Orders for Durable Goods in U.S. Increased 2.2% in February
The number contracts signed to buy homes dipped in Feb from nearly a 2-year high, a mixed signal ahead of the spring home-buying season. The National Association of Realtors said its index of sales agreements declined 0.5% last month to a reading of 96.5. The Jan reading of 97 was the highest since Apr 2010, the last month buyers could qualify for a federal home-buying tax credit. A reading of 100 or higher is considered healthy. last reached in Apr 2010. More signings in recent months are among the signs of a slight pick-up in the housing market. But the decline in Feb was disappointing after the 3 best months of hiring in 2 years. Contract signings typically indicate where the housing market is headed. There's a 1-2 month lag between a signed contract & a completed deal & a sale isn't final until a mortgage is closed. Jan & Feb made up the best winter for completed sales in 5 years, when the housing crisis began. Builders are more confident about the market. In Feb, they requested the most permits to build single-family homes & apartments since Oct 2008 (following Lehman's collapse). The housing recovery remains a little shaky.
Contracts for U.S. Homes Dipped in February
Photo: Yahoo
Ben Bernanke said it's too soon to declare victory in the economic recovery, warning against complacency in policymaking as the outlook brightens. "We haven't quite yet got to the point where we can be completely confident that we're on a track to full recovery," Bernanke said . The Federal Reserve chairman welcomed a decline in the unemployment rate & signs financial strains in debt-stricken Europe were easing. But he noted that joblessness was still at a troubling high & housing markets still weak. "I think it's really important not to be complacent. We have a long way to go, a lot of work to do, and we're going to keep doing that." Bernanke said the central bank would take no options off the table (relating to QE3) but he did not suggest a further round of bond buying was imminent. In a speech on Mon, he said the economy would need to grow more quickly to ensure continued progress in reducing the jobless rate.
Bernanke: Far Too Early to Call Victory in Recovery
Once again, not a lot is happening in the markets. But the chart above for an ETN that tracks the Alerian MLP Index shows MLPs have lost favor in the last month & are no longer market leaders. Dow was been able to work its way higher in Mar, but that climb involved stumbling. Gas is above $3.91 & going higher, not good for the markets.
The MLP index fell 3 to the 391s (20 below its record highs last month) & the REIT index was of 1+ to the 251s (just below its yearly highs). Junk bond funds & Treasuries were mixed. Oil continues little changed as talk about releasing oil from the strategic reserves has not been a factor in trading. Gold is showing flattish, although a later reading has it down $11.
JPMorgan Chase Capital XVI (AMJ
Treasury yields:
U.S. 3-month | 0.081% | |
U.S. 2-year | 0.333% | |
U.S. 10-year | 2.194% |
| CLK12.NYM | ....Crude Oil May 12 | ...106.91 | ... 0.04 | (0.0%) |
| GCH12.CMX | ...Gold Mar 12 | ........1,686.70 | ... 1.20 | (0.1%) |
Get the latest daily market update below:
Orders for durable goods rose in Feb as demand for cars, computers & capital equipment spurred the 4th monthly gain in the last 5. Bookings increased 2.2%, less than projected, after a revised 3.6% decline the prior month, according to the Commerce Dept. Expectations were for a 3% decline. Corp equipment upgrades & consumer purchases of new cars are bolstering production, keeping the industry a source of strength for the expansion. However higher fuel costs & slowdowns in Europe & China may limit the pace of manufacturing this year. Orders for durables excluding transportation equipment increased 1.6% after a 3% decline in Jan. Demand for transportation equipment climbed 3.9%, led by a 6% advance in civilian aircraft orders. Boeing (BA), a Dow stock, received 237 orders last month, up from 150 in Jan. Bookings for automobiles & parts increased 1.6%, the most since Oct, after a 1.3% rise the previous month. The data is so-so.
Orders for Durable Goods in U.S. Increased 2.2% in February
The number contracts signed to buy homes dipped in Feb from nearly a 2-year high, a mixed signal ahead of the spring home-buying season. The National Association of Realtors said its index of sales agreements declined 0.5% last month to a reading of 96.5. The Jan reading of 97 was the highest since Apr 2010, the last month buyers could qualify for a federal home-buying tax credit. A reading of 100 or higher is considered healthy. last reached in Apr 2010. More signings in recent months are among the signs of a slight pick-up in the housing market. But the decline in Feb was disappointing after the 3 best months of hiring in 2 years. Contract signings typically indicate where the housing market is headed. There's a 1-2 month lag between a signed contract & a completed deal & a sale isn't final until a mortgage is closed. Jan & Feb made up the best winter for completed sales in 5 years, when the housing crisis began. Builders are more confident about the market. In Feb, they requested the most permits to build single-family homes & apartments since Oct 2008 (following Lehman's collapse). The housing recovery remains a little shaky.
Contracts for U.S. Homes Dipped in February
Ben Bernanke said it's too soon to declare victory in the economic recovery, warning against complacency in policymaking as the outlook brightens. "We haven't quite yet got to the point where we can be completely confident that we're on a track to full recovery," Bernanke said . The Federal Reserve chairman welcomed a decline in the unemployment rate & signs financial strains in debt-stricken Europe were easing. But he noted that joblessness was still at a troubling high & housing markets still weak. "I think it's really important not to be complacent. We have a long way to go, a lot of work to do, and we're going to keep doing that." Bernanke said the central bank would take no options off the table (relating to QE3) but he did not suggest a further round of bond buying was imminent. In a speech on Mon, he said the economy would need to grow more quickly to ensure continued progress in reducing the jobless rate.
Bernanke: Far Too Early to Call Victory in Recovery
Once again, not a lot is happening in the markets. But the chart above for an ETN that tracks the Alerian MLP Index shows MLPs have lost favor in the last month & are no longer market leaders. Dow was been able to work its way higher in Mar, but that climb involved stumbling. Gas is above $3.91 & going higher, not good for the markets.
Dow Industrials
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