Dow rose 99, advancers ahead of decliners almost 4-1 & NAZ was up 15. The Financial Index gained 1 to the 189s. The MLP index fell 2 to the 362s but the REIT index rose 2 to just over 250. Junk bond funds were higher & Treasuries slipped, bringing higher yields. Oil & gold were little moved.
Photo: Yahoo
Persistent weakness in the labor market continues as the number of Americans filing new claims for unemployment benefits rose last week for the 5th time in 6 weeks. The Labor Dept reported that claims for unemployment benefits increased 6K to 386K. A pickup in dismissals may raise concern the labor market will have trouble rebounding after a slowdown in job creation in the past 4 months. Jobless claims estimates ranged from 370K to 385K after an initially reported 377K the previous week. The 4-week moving average climbed to 382K, the highest since Apr 28, from 378K. The number continuing to collect benefits decreased 33K to 3.28M. Those who’ve used up their traditional benefits & are now collecting emergency & extended payments decreased by about 135K to 2.69M. The jobs picture is not showing a strong recovery.
Photo: Bloomberg
Chancellor Merkel rejected quick solutions proposed to fix Europe’s financial crisis such as joint debt sharing, saying Germany can’t save the world economy alone & other G-20 countries must help. In her speech in parliament, she said the debt crisis & Germany’s role in stemming it will be the “central topic” at next week’s G-20 summit in Mexico. While Germany will use its strength “in the service of European unity,” the euro & the global economy, Merkel said she opposes “seemingly easy” solutions that risk backfiring. “All eyes are on Germany,” she said. “But we also know that Germany’s power is not infinite. So our responsibility as Europe's largest economy is to deploy our strength credibly, so that we can be of full use to Europe.” Merkel signaled a showdown with global peers at the Jun 18-19 meetings over ending the crisis that has made Spain the 4th euro-area country to need a bailout & driven up Italy’s borrowing costs. Finding a solution is a “Herculean task” that requires European nations to embrace “political union” step by step, giving up some national powers in the process, she said.
Chancellor Merkel Says Germany Will Lead Crisis Fight
Stocks rose in a volatile market as investors brushed off a weak jobless report & uncertainty ahead of elections in Greece. It's hard to make sense of this market & I do not believe the strength is real. The upcoming G-20 meeting will just produce a lot of hot air. Worse, the US economy is showing more signs of sputtering. Q2 earnings reports are coming out in a few weeks which could result in a lot of disappointment. But bulls have the upper hand today.
AMJ (Alerian tracking fund)
Treasury yields:
U.S. 3-month | 0.096% | |
U.S. 2-year | 0.286% | |
U.S. 10-year | 1.611% |
| CLN12.NYM | ....Crude Oil Jul 12 | .....82.77 | ...... 0.15 | (0.2%) |
| GCM12.CMX | ...Gold Jun 12 | ......1,613.00 | ..,. |  5.10 | (0.3%) |
Get the latest daily market update below:
Persistent weakness in the labor market continues as the number of Americans filing new claims for unemployment benefits rose last week for the 5th time in 6 weeks. The Labor Dept reported that claims for unemployment benefits increased 6K to 386K. A pickup in dismissals may raise concern the labor market will have trouble rebounding after a slowdown in job creation in the past 4 months. Jobless claims estimates ranged from 370K to 385K after an initially reported 377K the previous week. The 4-week moving average climbed to 382K, the highest since Apr 28, from 378K. The number continuing to collect benefits decreased 33K to 3.28M. Those who’ve used up their traditional benefits & are now collecting emergency & extended payments decreased by about 135K to 2.69M. The jobs picture is not showing a strong recovery.
Chancellor Merkel rejected quick solutions proposed to fix Europe’s financial crisis such as joint debt sharing, saying Germany can’t save the world economy alone & other G-20 countries must help. In her speech in parliament, she said the debt crisis & Germany’s role in stemming it will be the “central topic” at next week’s G-20 summit in Mexico. While Germany will use its strength “in the service of European unity,” the euro & the global economy, Merkel said she opposes “seemingly easy” solutions that risk backfiring. “All eyes are on Germany,” she said. “But we also know that Germany’s power is not infinite. So our responsibility as Europe's largest economy is to deploy our strength credibly, so that we can be of full use to Europe.” Merkel signaled a showdown with global peers at the Jun 18-19 meetings over ending the crisis that has made Spain the 4th euro-area country to need a bailout & driven up Italy’s borrowing costs. Finding a solution is a “Herculean task” that requires European nations to embrace “political union” step by step, giving up some national powers in the process, she said.
Chancellor Merkel Says Germany Will Lead Crisis Fight
Stocks rose in a volatile market as investors brushed off a weak jobless report & uncertainty ahead of elections in Greece. It's hard to make sense of this market & I do not believe the strength is real. The upcoming G-20 meeting will just produce a lot of hot air. Worse, the US economy is showing more signs of sputtering. Q2 earnings reports are coming out in a few weeks which could result in a lot of disappointment. But bulls have the upper hand today.
Dow Jones Industrials
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