Dow was up 53, advancers over decliners 2-1 & NAZ added 28 (helped by Apple). The Financial Index settled back a little from AM gains with an advance of 1+ to the 218s. The MLP index rose an enormous 4+ to the 404s (7 short of its record high earlier this year) & the REIT index was up a fraction to the 274s, another 2012 high. Junk bond funds gained while Treasuries eased back & the 10 year Treasury yield skyrocketed 11 basis points to 1.87%. Oil wants to go over 100 & gold had a small advance, digesting recent gains (shown below).
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
US retail sales increased in Aug by the most in 6 months, boosted by demand for automobiles along with higher gasoline prices that left consumers with less to spend on other goods. The 0.9% gain followed a revised 0.6% advance in Jul that was smaller than initially reported, according to the Commerce Dept. The forecast called for an increase of 0.8%. Sales slowed at department stores, apparel retailers & electronics outlets. Higher food & fuel costs along with smaller gains in payrolls & wages are squeezing household finances, posing a challenge for merchants. Labor-market weakness prompted the Federal Reserve yesterday to take another step to spur the 3-year expansion. Sales excluding automobiles & gasoline rose 0.1%, less than the 0.4% gain forecast. 7 of 13 major categories showed an increase last month. Purchases increased 1.3% at automobile dealers, the most since Feb, after a 0.1% gain the prior month. Retail purchases excluding autos climbed 0.8%, beating the projected gain of 0.7%.
Retail Sales in U.S. Rose 0.9% in August on Auto Demand
Photo: Bloomberg
Apple rose to a record after the company said orders for the new iPhone from its online store won’t ship for 2 weeks, fueling speculation that the new model had sold out. Based on the 2-week delivery estimate, the iPhone 5 would ship Sep 28. When AAPLe unveiled the latest model iPhone earlier this week, the company said pre-orders in the US & 8 other countries would begin today & the product would be available on Sep 21. As many as 58M units of the iPhone 5 may sell by the end of the year which could generate $36B in sales. The stock shot up 7 to 690, yet another new record.
Apple Stock Hits Record as IPhone 5 Seen Sold Out Online
Photo: Bloomberg
Confidence among US consumers unexpectedly improved in Sep, providing an impetus for the household spending that makes up more than 70% of the economy. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment climbed to 79.2 from 74.3 in the prior month & above the projection of a fall to 74. Rising share prices & home values are helping to shore up confidence in the face of higher gasoline costs. But the Michigan survey’s index of current conditions, which reflects Americans’ perceptions of their financial situation & whether they consider it a good time to buy big-ticket items like cars, fell to 88.3 from 88.7 in the prior month. The gauge of consumer expectations 6 months from now, which more closely projects the direction of consumer spending, increased to 73.4, the highest since May, from 65.1 in Aug.
Confidence of U.S. Consumers Unexpectedly Improves, Michigan Index Shows
Dow finished 70 below its high, but that was to be expected after its gains this week. It still managed a weekly gain of 287, not bad. The weekend will give everybody a chance to calm down & assess the stimulus move by the Federal Reserve. There may be more news from the Mideast, which has the potential to be negative. Already oil is close to its yearly highs. Gas at the pump was $3.87 yesterday, just 6¢ below its yearly high & nearing its record set 4 years ago.
AMJ (Alerian MLP Index tracking fund)
Click below for the latest market update:
Treasuriy yields:
U.S. 3-month | 0.097% | |
U.S. 2-year | 0.250% | |
U.S. 10-year | 1.875% |
| CLV12.NYM | ....Crude Oil Oct 12 | ....98.94 | .... 0.63 | (0.6%) |
US retail sales increased in Aug by the most in 6 months, boosted by demand for automobiles along with higher gasoline prices that left consumers with less to spend on other goods. The 0.9% gain followed a revised 0.6% advance in Jul that was smaller than initially reported, according to the Commerce Dept. The forecast called for an increase of 0.8%. Sales slowed at department stores, apparel retailers & electronics outlets. Higher food & fuel costs along with smaller gains in payrolls & wages are squeezing household finances, posing a challenge for merchants. Labor-market weakness prompted the Federal Reserve yesterday to take another step to spur the 3-year expansion. Sales excluding automobiles & gasoline rose 0.1%, less than the 0.4% gain forecast. 7 of 13 major categories showed an increase last month. Purchases increased 1.3% at automobile dealers, the most since Feb, after a 0.1% gain the prior month. Retail purchases excluding autos climbed 0.8%, beating the projected gain of 0.7%.
Retail Sales in U.S. Rose 0.9% in August on Auto Demand
Photo: Bloomberg
Apple rose to a record after the company said orders for the new iPhone from its online store won’t ship for 2 weeks, fueling speculation that the new model had sold out. Based on the 2-week delivery estimate, the iPhone 5 would ship Sep 28. When AAPLe unveiled the latest model iPhone earlier this week, the company said pre-orders in the US & 8 other countries would begin today & the product would be available on Sep 21. As many as 58M units of the iPhone 5 may sell by the end of the year which could generate $36B in sales. The stock shot up 7 to 690, yet another new record.
Apple Stock Hits Record as IPhone 5 Seen Sold Out Online
Apple (AAPL)
Confidence among US consumers unexpectedly improved in Sep, providing an impetus for the household spending that makes up more than 70% of the economy. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment climbed to 79.2 from 74.3 in the prior month & above the projection of a fall to 74. Rising share prices & home values are helping to shore up confidence in the face of higher gasoline costs. But the Michigan survey’s index of current conditions, which reflects Americans’ perceptions of their financial situation & whether they consider it a good time to buy big-ticket items like cars, fell to 88.3 from 88.7 in the prior month. The gauge of consumer expectations 6 months from now, which more closely projects the direction of consumer spending, increased to 73.4, the highest since May, from 65.1 in Aug.
Confidence of U.S. Consumers Unexpectedly Improves, Michigan Index Shows
Dow finished 70 below its high, but that was to be expected after its gains this week. It still managed a weekly gain of 287, not bad. The weekend will give everybody a chance to calm down & assess the stimulus move by the Federal Reserve. There may be more news from the Mideast, which has the potential to be negative. Already oil is close to its yearly highs. Gas at the pump was $3.87 yesterday, just 6¢ below its yearly high & nearing its record set 4 years ago.
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