The Dow fell 54, advancers over decliners 3-2 & NAZ gained 8 aided by strength in Apple (see below). The MLP index was flat at 397 & the REIT index rose 1+ to the 268s. Junk bond funds drifted lower as did Treasuries. Oil fell as US & euro-area manufacturing contracted in Aug, raising concern that slower economic growth will reduce demand. Gold topped $1700 for the first time since Mar on speculation that a sluggish global economy will spur central bankers to boost monetary stimulus, increasing demand for the metal as an inflation hedge.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Apple invited reporters to a news conference next week in San Francisco with a message that suggests that it will reveal the iPhone 5 (as expected). The invitation shows a big "12," for Sep 12, casting a shadow in the shape of a "5." Various unconfirmed reports have pointed to Sep 12 as being the day the new phone is shown off. It is expected to go on sale a week or 2 later & is expected to have a taller screen & the ability to access the latest wireless data networks in the US. It should set sales records. Other unconfirmed reports say AAPL will reveal a smaller version of the iPad, taking on competitors like the Kindle Fire from Amazon (AMZN), which has nibbled at the iPad's dominance in the tablet category. On Wed, Nokia & Motorola are holding events of their own in NY, apparently to reveal their latest products ahead of the iPhone launch. The stock rose 10 to 675, 5 below its record high.
Apple Announces Sept. 12 Event as New IPhone Anticipated
Photo: Yahoo
Strong pickup demand fueled a big jump in US auto sales last month. GM's Aug US sales rose 10% compared with a year earlier, while Ford (F) sales rose 13% & Chrysler's 14%. Most automakers reported strong gains as Americans flowed into showrooms, drawn by model-year closeouts, low-interest financing & appealing new models. Overall sales are expected to rise 20% when companies finish reporting. Pickups, traditionally the top sellers in the US, drove much of the business, thanks to a recovering housing market. Sales of Ford's F-Series trucks rose 19%, while Chrysler's Ram jumped by the same. GM's pickups, the Chevrolet Silverado & GMC Sierra, among the oldest trucks in the market, saw a 6% sales increase. Asian companies & Germany's Volkswagen did well in car sales. The overall increase was due mainly to pent-up demand as consumers & businesses were forced to replace aging cars & pickup trucks, said Yingzi Su, GM's senior economist. The average age of a vehicle on US road is approaching 11 years. Aug sales could hit more than 1.2M, up 20% from a year earlier. The annual pace could reach 14.6M. For pickups, a better housing market appeared to be the driver as builders are getting more permits to start home construction & they have been breaking more ground on projects. The stock slipped pennies, just above its yearly lows.
Pickups drive US auto sales in August AP
Photo: Yahoo
Construction spending in the US fell in Jul from Jun by the largest amount in a year, weighed down by a big drop in home improvement projects. But spending on construction of single-family homes & apartments increased again, a hopeful sign for the modest housing recovery. The Commerce Dept said that overall construction spending declined 0.9% in Jul. It followed 3 months of gains, which were driven by increases in home & apartment construction. The Jun decline left spending at an annual rate of $834B, nearly 12% above a 12-year low hit in Feb 2011. But construction activity is roughly half of what is considered to be healthy. Spending on residential construction fell 1.6% in Jul from Jun to an annual level of $264B, dragged lower by a 5.5% decline in home improvement projects. Spending on single-family homes rose 1.5%, the 4th straight monthly gain, & spending on apartment construction was up 2.8%, the 9th straight gain. Still, the construction industry remains weak.
US construction spending fell 0.9 percent AP
Buyers returned after 2PM, but selling returned in the last hour of trading. The AAPL announcement brought out the buyers. The US economy remains iffy at best while the euro area looks very bad with a recession & trying to fix many debt messes. The euro biggies are struggling to solve major financial problems & should issue a statement in a couple of days. They are far from united, nobody knows what will come from their meetings. The 13K floor held for the Dow.
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Treasury yields:
U.S. 3-month | 0.091% | |
U.S. 2-year | 0.230% | |
U.S. 10-year | 1.577% |
| CLV12.NYM | ...Crude Oil Oct 12 | ....95.24 | ... 1.23 (1.3%) |
Apple invited reporters to a news conference next week in San Francisco with a message that suggests that it will reveal the iPhone 5 (as expected). The invitation shows a big "12," for Sep 12, casting a shadow in the shape of a "5." Various unconfirmed reports have pointed to Sep 12 as being the day the new phone is shown off. It is expected to go on sale a week or 2 later & is expected to have a taller screen & the ability to access the latest wireless data networks in the US. It should set sales records. Other unconfirmed reports say AAPL will reveal a smaller version of the iPad, taking on competitors like the Kindle Fire from Amazon (AMZN), which has nibbled at the iPad's dominance in the tablet category. On Wed, Nokia & Motorola are holding events of their own in NY, apparently to reveal their latest products ahead of the iPhone launch. The stock rose 10 to 675, 5 below its record high.
Apple Announces Sept. 12 Event as New IPhone Anticipated
Apple (AAPL)
Strong pickup demand fueled a big jump in US auto sales last month. GM's Aug US sales rose 10% compared with a year earlier, while Ford (F) sales rose 13% & Chrysler's 14%. Most automakers reported strong gains as Americans flowed into showrooms, drawn by model-year closeouts, low-interest financing & appealing new models. Overall sales are expected to rise 20% when companies finish reporting. Pickups, traditionally the top sellers in the US, drove much of the business, thanks to a recovering housing market. Sales of Ford's F-Series trucks rose 19%, while Chrysler's Ram jumped by the same. GM's pickups, the Chevrolet Silverado & GMC Sierra, among the oldest trucks in the market, saw a 6% sales increase. Asian companies & Germany's Volkswagen did well in car sales. The overall increase was due mainly to pent-up demand as consumers & businesses were forced to replace aging cars & pickup trucks, said Yingzi Su, GM's senior economist. The average age of a vehicle on US road is approaching 11 years. Aug sales could hit more than 1.2M, up 20% from a year earlier. The annual pace could reach 14.6M. For pickups, a better housing market appeared to be the driver as builders are getting more permits to start home construction & they have been breaking more ground on projects. The stock slipped pennies, just above its yearly lows.
Pickups drive US auto sales in August AP
General Motors (GM)
Construction spending in the US fell in Jul from Jun by the largest amount in a year, weighed down by a big drop in home improvement projects. But spending on construction of single-family homes & apartments increased again, a hopeful sign for the modest housing recovery. The Commerce Dept said that overall construction spending declined 0.9% in Jul. It followed 3 months of gains, which were driven by increases in home & apartment construction. The Jun decline left spending at an annual rate of $834B, nearly 12% above a 12-year low hit in Feb 2011. But construction activity is roughly half of what is considered to be healthy. Spending on residential construction fell 1.6% in Jul from Jun to an annual level of $264B, dragged lower by a 5.5% decline in home improvement projects. Spending on single-family homes rose 1.5%, the 4th straight monthly gain, & spending on apartment construction was up 2.8%, the 9th straight gain. Still, the construction industry remains weak.
US construction spending fell 0.9 percent AP
Buyers returned after 2PM, but selling returned in the last hour of trading. The AAPL announcement brought out the buyers. The US economy remains iffy at best while the euro area looks very bad with a recession & trying to fix many debt messes. The euro biggies are struggling to solve major financial problems & should issue a statement in a couple of days. They are far from united, nobody knows what will come from their meetings. The 13K floor held for the Dow.
Dow Jones Industrials
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