Dow rose 7, advancers ahead of decliners 3-2 & NAZ was up 17 (helped by another day day for Apple). Bank stocks continue to be market leaders, taking the Financial Index up 2+ to 214 (a new high since the end of May).
The MLP index jumped 4 to 401 & the REIT index rose 1+ to the 252s, within spitting distance of its yearly high. Junk bond funds fell after a bad week last week. Treasuries were off a tad following last week's major sell-off. Oil is heading back for $110 while gold is flattish.
The Bank of Greece is forecasting the Greek economy will contract 4.5% in 2012 & remain in mild recession next year. It also predicted that unemployment would remain above 19% in 2012. This comes after the coalition gov successfully negotiating financial rescue deals with private creditors & emergency lenders. Finance Minister Venizelos will submit his official resignation & it is unclear who will replace him in this chaotic country. Early elections are expected in Apr-May. Even after bailout II, the Greek drama is far from over.
Bank of Greece sees deep recession in 2012 AP
After its founding 36 years ago Apple will reward shareholders directly, by instituting a div & share buyback program. It's sitting on $97B in cash & securities. New CEO Cook said that with this much cash on hand, a div wouldn't restrain the company's options. The $2.65 quarterly div ($10.60 annualized) will be paid in its fiscal Q4 (beginning Jul 1). The 1.8% yield will be less than other big tech companies. Microsoft (MSFT) yields 2.5%, & Hewlett-Packard (HPQ) yields 2%, both Dow stocks. AAPL will pay one of the richest divs, more than $10B in its first year. The stock rose 9 to 594.
Apple Plans a Quarterly Dividend of $2.65 a Share, Buyback of $10 Billion
State tax collections rose during Q4 at the slowest pace in a 1½ years, according to an analysis by the Nelson Rockefeller Institute of Government. Revenue rose 2.7% from a year earlier, the smallest increase since Q2 2010. This compares with growth of 6.1% in Q3 & 11% in Q2. State tax collections have risen for the past 2 years, easing pressure on struggling to erase budget deficits. It is believed that recent softening is probably more in line with what should be expected given the state of the economy because there’s still a lot of weakness in the economy. Q4 growth was restrained by California, where collections slipped by 8.9% from a year before, while Illinois’s revenue jumped 24%. Both were the result of tax-law changes. Without those 2 states, taxes would have grown 4.4%. States are not expected to show dramatic growth in revenues over the next couple of years. California is a looming financial disaster which may need its own bailout soon.
U.S. State Tax Revenue Rises at Slowest Pace Since Mid-2010
There's not a lot happening in the markets, besides the AAPL div. Greece remains a mess & it's not clear what new elections will accomplish. The rise in interest rates last week is giving investors food for thought. On the one hand, it is based on an improving economy. On the other hand, many have gotten spoiled on low rates, hoping they will never go back up. Restraining gains today are rising gas prices. Gas at the pump was over $3.84 yesterday. Rising gas prices are not good for stock markets, but so far, they have been bothered.
The MLP index jumped 4 to 401 & the REIT index rose 1+ to the 252s, within spitting distance of its yearly high. Junk bond funds fell after a bad week last week. Treasuries were off a tad following last week's major sell-off. Oil is heading back for $110 while gold is flattish.
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.076% | |
U.S. 2-year | 0.363% | |
U.S. 10-year | 2.325% |
| CLJ12.NYM | .....Crude Oil Apr 12 | ...107.72 | ... 0.66 | (0.6%) |
| GCH12.CMX | ...Gold Mar 12 | .......1,655.00 | .... 0.50 | (0.0%) |
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The Bank of Greece is forecasting the Greek economy will contract 4.5% in 2012 & remain in mild recession next year. It also predicted that unemployment would remain above 19% in 2012. This comes after the coalition gov successfully negotiating financial rescue deals with private creditors & emergency lenders. Finance Minister Venizelos will submit his official resignation & it is unclear who will replace him in this chaotic country. Early elections are expected in Apr-May. Even after bailout II, the Greek drama is far from over.
Bank of Greece sees deep recession in 2012 AP
Photo: Bloomberg
Apple Plans a Quarterly Dividend of $2.65 a Share, Buyback of $10 Billion
Apple Inc. (AAPL)
State tax collections rose during Q4 at the slowest pace in a 1½ years, according to an analysis by the Nelson Rockefeller Institute of Government. Revenue rose 2.7% from a year earlier, the smallest increase since Q2 2010. This compares with growth of 6.1% in Q3 & 11% in Q2. State tax collections have risen for the past 2 years, easing pressure on struggling to erase budget deficits. It is believed that recent softening is probably more in line with what should be expected given the state of the economy because there’s still a lot of weakness in the economy. Q4 growth was restrained by California, where collections slipped by 8.9% from a year before, while Illinois’s revenue jumped 24%. Both were the result of tax-law changes. Without those 2 states, taxes would have grown 4.4%. States are not expected to show dramatic growth in revenues over the next couple of years. California is a looming financial disaster which may need its own bailout soon.
U.S. State Tax Revenue Rises at Slowest Pace Since Mid-2010
There's not a lot happening in the markets, besides the AAPL div. Greece remains a mess & it's not clear what new elections will accomplish. The rise in interest rates last week is giving investors food for thought. On the one hand, it is based on an improving economy. On the other hand, many have gotten spoiled on low rates, hoping they will never go back up. Restraining gains today are rising gas prices. Gas at the pump was over $3.84 yesterday. Rising gas prices are not good for stock markets, but so far, they have been bothered.
Dow Industrials (INDU)
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