Dow went up 17, advancers ahead of decliners 3-2 & NAZ was up 14. The Financial Index gained 1+ to 210. The MLP index was up 2 to 402 & the REIT index added 1+ to the 262s. Junk bond funds edged lower & Treasuries were mixed. Oil advanced from an 8 week low
on speculation China's gov will bolster stimulus efforts & as Spain's cabinet met to approve a 2013 austerity budget. Gold rose the most in 2 weeks on
speculation about China stimulus.
Photo: Bloomberg
Applications for jobless benefits decreased 26K to 359K last week, the lowest since Jul, according to the Labor Dept. The forecast was for 375K claims. A turnaround in claims, which have been on the rise since Jul, indicates companies may be growing more confident that sales will pick up. At the same time, the jobless rate may be slow to fall after exceeding 8% for 43 months without a pick-up in the pace of hiring. The 4-week moving average dropped to 374K from 378K. The number of people continuing to collect jobless benefits fell 4K to 3.27M. Those who’ve used up traditional benefits & are now collecting emergency & extended payments decreased by 2K to 2.16M.
Claims for U.S. Jobless Benefits Fall More Than Forecast
Photo: Bloomberg
Fewer contracts were signed than forecast to purchase previously owned homes in Aug, signaling the recovery in the housing market will be uneven. The index of pending home resales dropped 2.6% after a revised 2.6% gain in Jul (more than initially reported) according to the National Association of Realtors. The reading compared with a forecast of a 0.3% gain.
Pending Sales of Existing Homes in U.S. Fell 2.6% in August
Greek Prime Minister Samaras clinched agreement with the leaders of the political parties backing his coalition gov on the bulk of a 2- year €13.5B ($17.4B) budget package that’s key to receiving intl aid. This marks a first step forward after weeks of haggling with coalition partners & intl lenders, & it came with conditions. The measures needed to be accompanied by firm commitments from euro-region leaders on growth & additional time before they could support the spending cuts in parliament. There is a basic agreement,” Finance Minister Stournaras said after the meeting with the 3 political leaders & it “gives me a basis for a stronger negotiation.” Who knows what this means or where it is going?
Greece’s Coalition Leaders Agree on Bulk of Budget Package
Markets continue on their meandering ways. Dow has not strayed far from its high of 13.6K during the last 2 weeks. Economic news is mixed at best, but that is good enough to encourage buyers when global economic conditions are uneven or just plain dreary. Dow has been able to hang in there, above 13.4K which had been its ceiling all year. Q3 ends tomorrow & all fluctuations are suspicious with money managers adjusting positions for the Sep 30 close.
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.086% | |
U.S. 2-year |
0.258% | |
U.S. 10-year |
1.632% |
| CLX12.NYM | ...Crude Oil Nov 12 | ...91.16 | ... 1.18 (1.3%) |
| GCU12.CMX | ...Gold Sep 12 | ......1,749.60 | ... 1.00 (0.1%) |
Get the latest daily market update below:
Applications for jobless benefits decreased 26K to 359K last week, the lowest since Jul, according to the Labor Dept. The forecast was for 375K claims. A turnaround in claims, which have been on the rise since Jul, indicates companies may be growing more confident that sales will pick up. At the same time, the jobless rate may be slow to fall after exceeding 8% for 43 months without a pick-up in the pace of hiring. The 4-week moving average dropped to 374K from 378K. The number of people continuing to collect jobless benefits fell 4K to 3.27M. Those who’ve used up traditional benefits & are now collecting emergency & extended payments decreased by 2K to 2.16M.
Claims for U.S. Jobless Benefits Fall More Than Forecast
Fewer contracts were signed than forecast to purchase previously owned homes in Aug, signaling the recovery in the housing market will be uneven. The index of pending home resales dropped 2.6% after a revised 2.6% gain in Jul (more than initially reported) according to the National Association of Realtors. The reading compared with a forecast of a 0.3% gain.
Pending Sales of Existing Homes in U.S. Fell 2.6% in August
Greek Prime Minister Samaras clinched agreement with the leaders of the political parties backing his coalition gov on the bulk of a 2- year €13.5B ($17.4B) budget package that’s key to receiving intl aid. This marks a first step forward after weeks of haggling with coalition partners & intl lenders, & it came with conditions. The measures needed to be accompanied by firm commitments from euro-region leaders on growth & additional time before they could support the spending cuts in parliament. There is a basic agreement,” Finance Minister Stournaras said after the meeting with the 3 political leaders & it “gives me a basis for a stronger negotiation.” Who knows what this means or where it is going?
Greece’s Coalition Leaders Agree on Bulk of Budget Package
Markets continue on their meandering ways. Dow has not strayed far from its high of 13.6K during the last 2 weeks. Economic news is mixed at best, but that is good enough to encourage buyers when global economic conditions are uneven or just plain dreary. Dow has been able to hang in there, above 13.4K which had been its ceiling all year. Q3 ends tomorrow & all fluctuations are suspicious with money managers adjusting positions for the Sep 30 close.
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