Dow rose 71, advancers ahead of decliners 3-2 but NAZ fell 22 led by selling in Apple (AAPL) stock. Bank stocks had a good day, taking the Financial Index up 2 to the 205s. The MLP index dropped almost 2 to the 385s & is off 26 from its record highs in Feb (shown in the graph below). The REIT index gained 3½ to the 251s & just 4 below its recent yearly highs. Junk bond funds edged higher & Treasuries rose on greater concerns over Spanish debt. Oil did little as talks proceed with Iran about its nuclear program & gold pulled back $8.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Yahoo
Americans bought more electronics, started home improvement projects & updated their wardrobes last month. Retail sales rose 0.8% in Mar according to the Commerce Dept. The increase capped a strong qtr of gains & contributed to a brighter outlook for growth in Q1. Businesses are responding by restocking their shelves at a steady pace because they expect the trend to carry over into the spring. More retail spending also helped offset a decline in confidence among homebuilders & could ease concerns about Mar hiring Consumers are spending more despite paying higher gas prices & seeing little growth in wages. They bought more furniture, groceries, clothes & sporting goods last month while they paid more for gas. Excluding cars, gas & food, sales rose 8.2% in Q1, the most in 2 years, pushing total retail sales to a record high of $411B (24% higher than the recession low in Mar 2009). Encouraging news about the economy.
U.S. Retail Sales Rise More Than Forecast on Improving Job Market: Economy
Photo: Bloomberg
Apple fell for a 5th day on speculation that demand for the iPad may wane & that mobile-phone carriers will cut subsidies for the iPhone, eroding profitability of its best-selling products. Verizon (VZ), a Dow stock, said last week that it will begin charging customers $30 to upgrade to a new phone. The move suggests mobile-phone service providers may take other steps, including trimming subsidies, to keep sales of the iPhone from eating into profit margins. There are also worries that demand for iPad3 is beginning to wane. The AAPL earnings report, due next week, could show sales of the tablet missed predictions. AAPL fans are loyal, but many forget that it is subject to market forces, such as competition. The stock has almost doubled during the last year, but is down 25 today & down 65 from its highs last week.
Apple Falls for Fifth Day on Concern Carriers May Cut Subsidies for IPhone
M&T Bank, is not one of the majors, but gives a glimpse into bank earnings. Q1 profit dipped from a year ago that were fortified by proceeds from an investment securities sale. EPS was $1.50, down from $1.59 a year ago but ahead of $1.47 forecasted. The year-ago period included a 20¢ gain related to sale of investment securities. Net interest income rose 9% to $620M. The provision for credit losses fell to $49M from $75M, a sign that credit trends are improving. Net interest income after deducting the provision for credit losses was $571M compared with $544M in the prior-year. Trust income more than tripled as MTB continues to benefit from its acquisition of Wilmington Trust last year. M&T Bank operates bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware & DC. The stock gained $1.25.
M&T Bank 1st-quarter net income dips AP
Trading was unusual today. Dow had a good advance while the S&P 500 was even & NAZ slumped, hurt by a big drop at Apple (AAPL). Half the Dow stocks led the advance starting with Travelers (TRV), P&G (PG) & Home Depot (HD) which all were up more than 1.5%. For what it's worth, there was a little bit of selling into the close. Maybe that's getting picky & not significant.
JPMorgan Chase Capital XVI (AMJ)
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Treasyr yields:
U.S. 3-month | 0.076% | |
U.S. 2-year | 0.270% | |
U.S. 10-year | 1.970% |
| CLK12.NYM | Crude Oil May 12 | 102.95 |  0.12 (0.1%) |
Americans bought more electronics, started home improvement projects & updated their wardrobes last month. Retail sales rose 0.8% in Mar according to the Commerce Dept. The increase capped a strong qtr of gains & contributed to a brighter outlook for growth in Q1. Businesses are responding by restocking their shelves at a steady pace because they expect the trend to carry over into the spring. More retail spending also helped offset a decline in confidence among homebuilders & could ease concerns about Mar hiring Consumers are spending more despite paying higher gas prices & seeing little growth in wages. They bought more furniture, groceries, clothes & sporting goods last month while they paid more for gas. Excluding cars, gas & food, sales rose 8.2% in Q1, the most in 2 years, pushing total retail sales to a record high of $411B (24% higher than the recession low in Mar 2009). Encouraging news about the economy.
U.S. Retail Sales Rise More Than Forecast on Improving Job Market: Economy
Apple fell for a 5th day on speculation that demand for the iPad may wane & that mobile-phone carriers will cut subsidies for the iPhone, eroding profitability of its best-selling products. Verizon (VZ), a Dow stock, said last week that it will begin charging customers $30 to upgrade to a new phone. The move suggests mobile-phone service providers may take other steps, including trimming subsidies, to keep sales of the iPhone from eating into profit margins. There are also worries that demand for iPad3 is beginning to wane. The AAPL earnings report, due next week, could show sales of the tablet missed predictions. AAPL fans are loyal, but many forget that it is subject to market forces, such as competition. The stock has almost doubled during the last year, but is down 25 today & down 65 from its highs last week.
Apple Falls for Fifth Day on Concern Carriers May Cut Subsidies for IPhone
Apple Inc. (AAPL)
M&T Bank, is not one of the majors, but gives a glimpse into bank earnings. Q1 profit dipped from a year ago that were fortified by proceeds from an investment securities sale. EPS was $1.50, down from $1.59 a year ago but ahead of $1.47 forecasted. The year-ago period included a 20¢ gain related to sale of investment securities. Net interest income rose 9% to $620M. The provision for credit losses fell to $49M from $75M, a sign that credit trends are improving. Net interest income after deducting the provision for credit losses was $571M compared with $544M in the prior-year. Trust income more than tripled as MTB continues to benefit from its acquisition of Wilmington Trust last year. M&T Bank operates bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware & DC. The stock gained $1.25.
M&T Bank 1st-quarter net income dips AP
M&T Bank Corporation (MTB)
Trading was unusual today. Dow had a good advance while the S&P 500 was even & NAZ slumped, hurt by a big drop at Apple (AAPL). Half the Dow stocks led the advance starting with Travelers (TRV), P&G (PG) & Home Depot (HD) which all were up more than 1.5%. For what it's worth, there was a little bit of selling into the close. Maybe that's getting picky & not significant.
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