Dow rose 59, advancers over decliners almost 2-1 & NAZ was up 11. The Financial Index was up a fraction to 203. The MLP & REIT indices are little changed, junk bond funds are slightly higher & Treasuries are a tad lower. Oil keeps pushing towards $100 (a growing negative for the economy) & gold was hit with profit taking after its recent run up.
U.S. 3-month | 0.091% |
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U.S. 2-year | 0.255% |
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U.S. 10-year | 1.668% |
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| CLV12.NYM | ....Crude Oil Oct 12 | ...96.73 | ... 0.46 | (0.5%) |
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| GCQ12.CMX | ...Gold Aug 12 | .....1,667.00 | ... 2.60 | (0.2%) |
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Not a lot going on today. The Greek debt mess remains fuzzy. More reports are due to tell the money guys whether to give Greece additional funds. Meanwhile the US economy is muddling along. Progress is being held back by the growing uncertainty about the looming fiscal cliff coming in just 4 months. Budget cuts & reduced tax extensions will not be decided until Xmas, which is causing a lot of expansion plans to be put on hold.
I just attended a meeting with prominent high yield bond fund managers. They are proud of the excellent performance this year, but a bit nervous about the rest of the year. They said China is growing while Europe is in recession & the US economy is somewhere in between. They are concerned about the fiscal cliff & the investment attitude is a bit on the cautious side given all the uncertainty. Dow is recovering some of yesterday's losses, but this should be a down week.
Dow Jones Industrials
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