Dow rose 49, advancers ahead of decliners 4-1 & NAZ was up 19. The Financial Index gained 2+ to 201, a new high since late Jul. The MLP index was up 1 to 404 & the REIT index added 1+ to 245. Junk bond funds were higher along with the rising stock markets & Treasuries pulled back, taking the yield on the 10 year Treasury above 2%. Oil climbed for a 3rd day after the increase in payrolls was more than forecast, bolstering optimism that fuel demand will grow. Gold is having a good day, going back over $1700.
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Photo: Yahoo
Greece cleared a major hurdle in its race to avoid bankruptcy by persuading the vast majority of its private creditors to sign up to the biggest national debt writedown in history. Following weeks of intense discussions, the Greek gov said that 83½% of private investors were participating in a bond swap. Of the investors holding the €177B ($234 B) in bonds, 85.8% joined. "We have achieved an exceptional success ... and I believe everyone will soon realize that this is the only way to keep the country on its feet and give it a second historic chance that it needs," Finance Minister Venizelos told Parliament. He said he would recommend the activation of legislation known as "collective action clauses" to force bondholders who refused to sign up into the swap. A window of opportunity is opening" with the success of the deal to reduce the country's €368B debt by €105B, or about 50 percentage points of GDP, he said. The Fitch ratings agency downgraded Greece to "restricted default" over the bond swap — a move that had been expected. Fitch was the 3d agency to downgrade Greece into default.
Greece Pushes Bondholders Into Record Debt Swap
Photo Yahoo
US employers boosted payrolls more than forecast in Feb, capping the best 6 month streak of job growth since 2006. But the unemployment rate held at 8.3%. The 227K increase followed a revised 284K gain in Jan that was bigger than first estimated according to the Labor Dept. More jobs are helping fuel the wage gains that drive consumer spending. Even with the “positive developments” in the job market, Ben Bernanke told Congress last week the “modest and uneven” expansion needs the support of monetary policy after the Federal Reserve said in Jan that economic conditions are likely to warrant low interest rates at least thru late 2014.
Payrolls in U.S. Climb 227,000; Jobless Rate Holds at 8.3%
Markets have a rather mild response to the Greek debt swap going thru & the jobs added in Feb. Of course, these stories were already baked into the markets. The Greek debt crisis is far from over. Among other considerations, austerity is not popular with the people. Dow remains under 13K & will need more good news to bring out the buyers..
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.076% | |
U.S. 2-year | 0.314% | |
U.S. 10-year | 2.051% |
| CLJ12.NYM | ....Crude Oil Apr 12 | ...107.39 | .... 0.81 (0.8%) |
| GCH12.CMX | ...Gold Mar 12 | ......1,686.00 | ... 12.10 | (0.7%) |
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Greece cleared a major hurdle in its race to avoid bankruptcy by persuading the vast majority of its private creditors to sign up to the biggest national debt writedown in history. Following weeks of intense discussions, the Greek gov said that 83½% of private investors were participating in a bond swap. Of the investors holding the €177B ($234 B) in bonds, 85.8% joined. "We have achieved an exceptional success ... and I believe everyone will soon realize that this is the only way to keep the country on its feet and give it a second historic chance that it needs," Finance Minister Venizelos told Parliament. He said he would recommend the activation of legislation known as "collective action clauses" to force bondholders who refused to sign up into the swap. A window of opportunity is opening" with the success of the deal to reduce the country's €368B debt by €105B, or about 50 percentage points of GDP, he said. The Fitch ratings agency downgraded Greece to "restricted default" over the bond swap — a move that had been expected. Fitch was the 3d agency to downgrade Greece into default.
Greece Pushes Bondholders Into Record Debt Swap
US employers boosted payrolls more than forecast in Feb, capping the best 6 month streak of job growth since 2006. But the unemployment rate held at 8.3%. The 227K increase followed a revised 284K gain in Jan that was bigger than first estimated according to the Labor Dept. More jobs are helping fuel the wage gains that drive consumer spending. Even with the “positive developments” in the job market, Ben Bernanke told Congress last week the “modest and uneven” expansion needs the support of monetary policy after the Federal Reserve said in Jan that economic conditions are likely to warrant low interest rates at least thru late 2014.
Payrolls in U.S. Climb 227,000; Jobless Rate Holds at 8.3%
Markets have a rather mild response to the Greek debt swap going thru & the jobs added in Feb. Of course, these stories were already baked into the markets. The Greek debt crisis is far from over. Among other considerations, austerity is not popular with the people. Dow remains under 13K & will need more good news to bring out the buyers..
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