Dow was up 32, advancers over decliners 3-2 & NAZ gained 17. The Financial Index was up 1+ to 191. The MLP index rose 1+ to 361 & the REIT index added 1+ to 252. Junk bond funds were mixed to higher & Treasuries fell back slightly. Oil was about even but gold sank $16.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Yannis Stournaras
Photo: Yahoo
The coalition gov in Greece suffered another setback as a 2nd Cabinet member quit in 2 days over what critics called a conflict of interest. The departure of Giorgos Venicos was the latest in a litany of missteps & bad luck that have halted the gov's ability to regain control of its austerity program. The new conservative-led gov was sworn in last week, ending months of political deadlock. But in the last week alone it has suffered a string of casualties.
(1) The designated finance minister resigned yesterday due to illness after being hospitalized the day he was to have been sworn in.
(2) PM Samaras himself is recovering at home from a serious eye operation & will be unable to attend a European Union leaders' summit later this week.
(3) The 2 health problems delayed a visit to Athens by intl debt inspectors, which in turn delayed their report on Greek debt for EU leaders.
(4) The latest casualty, Vernicos, did not immediately give a reason for his departure, but the main opposition Syriza party had accused him of maintaining an offshore company in what appeared to be a conflict of interest.
(5) On the positive side, prominent economist Yannis Stournaras was named as Greece's new finance minister. He was involved in the country's negotiations to join the euro & was head of the Foundation for Economic & Industrial Research, a think tank & research body.
Does anybody know what's going on with $Bs at stake?
New Greek govt hit by yet another resignation AP
Photo: Bloomberg
News Corp is considering splitting into 2 publicly traded companies. The move comes as Britain's communications regulator, Ofcom, enters the final stages of its review of whether satellite TV firm British Sky Broadcasting (39% owned by NWS) "fit and proper" to hold a broadcast license. The separation of its tainted newspaper division from the lucrative TV & movie assets might appease regulators. British investigators have been probing allegations UK newspaper journalists hacked into phones & bribed public officials in the hunt for scoops. The probe has caused the company to abandon its bid for full control of British Sky Broadcasting. A split could help the company avoid being forced to sell off its remaining stake, worth $6.9B. NWS rose $1.68.
News Corp.’s Murdoch Said to Consider Splitting Company
The price of gas at the pump has dropped to the lowest level in 5 months, giving drivers some relief ahead of the Jul 4 holiday. The national average fell to $3.40 & gas is now below $3 in South Carolina & under $4 in every other state in the continental US. Americans are now spending roughly $200M per day less at the pump than in early Apr when gas peaked at $3.94. Yet the savings hasn't encouraged more driving. Consumers are buying about 5% less gasoline than they did last year, even though a gallon is 18¢ less. Saving a few dollars at the pump also does only so much for consumer psychology. Worries about the global economy are keeping oil near 8-month lows. Call this muted good news.
US gasoline prices cheapest since January AP
Source: AAA
AMJ (Alerian MLP Index tracking fund)
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Treasury yields:
U.S. 3-month | 0.086% | |
U.S. 2-year | 0.307% | |
U.S. 10-year | 1.636% |
| CLQ12.NYM | Crude Oil Aug 12 | 79.31 |  0.10 (0.1%) |
Photo: Yahoo
The coalition gov in Greece suffered another setback as a 2nd Cabinet member quit in 2 days over what critics called a conflict of interest. The departure of Giorgos Venicos was the latest in a litany of missteps & bad luck that have halted the gov's ability to regain control of its austerity program. The new conservative-led gov was sworn in last week, ending months of political deadlock. But in the last week alone it has suffered a string of casualties.
(1) The designated finance minister resigned yesterday due to illness after being hospitalized the day he was to have been sworn in.
(2) PM Samaras himself is recovering at home from a serious eye operation & will be unable to attend a European Union leaders' summit later this week.
(3) The 2 health problems delayed a visit to Athens by intl debt inspectors, which in turn delayed their report on Greek debt for EU leaders.
(4) The latest casualty, Vernicos, did not immediately give a reason for his departure, but the main opposition Syriza party had accused him of maintaining an offshore company in what appeared to be a conflict of interest.
(5) On the positive side, prominent economist Yannis Stournaras was named as Greece's new finance minister. He was involved in the country's negotiations to join the euro & was head of the Foundation for Economic & Industrial Research, a think tank & research body.
Does anybody know what's going on with $Bs at stake?
New Greek govt hit by yet another resignation AP
News Corp is considering splitting into 2 publicly traded companies. The move comes as Britain's communications regulator, Ofcom, enters the final stages of its review of whether satellite TV firm British Sky Broadcasting (39% owned by NWS) "fit and proper" to hold a broadcast license. The separation of its tainted newspaper division from the lucrative TV & movie assets might appease regulators. British investigators have been probing allegations UK newspaper journalists hacked into phones & bribed public officials in the hunt for scoops. The probe has caused the company to abandon its bid for full control of British Sky Broadcasting. A split could help the company avoid being forced to sell off its remaining stake, worth $6.9B. NWS rose $1.68.
News Corp.’s Murdoch Said to Consider Splitting Company
News Corp (NWS)
The price of gas at the pump has dropped to the lowest level in 5 months, giving drivers some relief ahead of the Jul 4 holiday. The national average fell to $3.40 & gas is now below $3 in South Carolina & under $4 in every other state in the continental US. Americans are now spending roughly $200M per day less at the pump than in early Apr when gas peaked at $3.94. Yet the savings hasn't encouraged more driving. Consumers are buying about 5% less gasoline than they did last year, even though a gallon is 18¢ less. Saving a few dollars at the pump also does only so much for consumer psychology. Worries about the global economy are keeping oil near 8-month lows. Call this muted good news.
US gasoline prices cheapest since January AP
| Regular | Mid | Premium | Diesel | 85 | **E85 MPG/BTU adjusted price | |
| Current Avg. | $3.397 | $3.559 | $3.693 | $3.700 | $3.054 | $4.019 |
| Yesterday Avg. | $3.411 | $3.573 | $3.704 | $3.709 | $3.082 | $4.056 |
| Week Ago Avg. | $3.497 | $3.662 | $3.796 | $3.768 | $3.098 | $4.077 |
| Month Ago Avg. | $3.645 | $3.813 | $3.951 | $3.946 | $3.193 | $4.202 |
| Year Ago Avg. | $3.575 | $3.712 | $3.844 | $3.935 | $3.177 | $4.181 |
Source: AAA
Today's rally isn't very meaningful. Maybe it's sort of relief rally. Relief comes from not hearing terrible news from Europe. Cyprus is talking to China, looking for a bailout loan. Greece looks like it's stuck in the mud at a time when it needs action. Spain & Italy are paying a lot more to borrow money at new auctions. India does not get a lot of attention, but this major economy has major problems. Then there's the US economy which looks like is huffing & puffing just to get a grade of C. Lower gas prices at the pump are not giving it a boost as macro economic worries are on the minds of many. Dow has not strayed far from 12½K for the last 6 weeks. There was a little selling going into the close (like yesterday), not good sign for the next day.
Dow Jones Industrials
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