Dow sank 128, decliners led advancers 2-1 & NAZ was off 13. The Financial Index was flat in the 214s. The MLP index fell 2½ to the 409s & the REIT index rose 1 to the 262s. Junk bond funds slipped but Treasuries rose. The 1.69% yield on the 10 year Treasury is where it was 2 weeks ago. Oil fell, but still has its eyes on $100, while gold did little.
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Inventories at US wholesalers rose in Aug at a slower pace as sales advanced from the previous month. The 0.5% increase in stockpiles followed a revised 0.6% rise in Jul according to the Commerce Dept, & is above the forecast for a 0.4% gain. Sales increased 0.9% from a 0.2% drop the previous month. Companies are tempering stockpiles as the impasse over US fiscal policy clouds the outlook for demand through the end of the year, showing inventories may contribute less to economic growth. Wholesalers had goods on hand to last 1.2 months at the current sales pace. Stockpiles of durable goods increased 0.1%, boosted by machinery, metals & hardware. Sales of big-ticket items rose 0.9% after a 0.8% decrease in Jul. The value of unsold non-durable goods advanced 1.2%, lifted by a 9.4% gain in petroleum, as sales increased 0.9%. The inventory-to-sales ratio dipped from 1.21 months in Jul.
Wholesale Inventories in U.S. Rose More Slowly as Sales Gained
Photo: Bloomberg
The Federal Reserve (FED) said the US economy was expanding “modestly” last month, supported by improvements in housing & auto sales, even as the labor market showed little change. "Consumer spending was generally reported to be flat to up slightly since the last report,” the FED said in its Beige Book business survey. Conditions in manufacturing were “somewhat improved,” according to the report, which provides anecdotal evidence on the health of the economy 2 weeks before the FOMC meeting on Oct 23-24. The Beige Book provides support for the view that economic growth isn’t strong enough to bring about a quick healing of the labor market. But the report’s description of the economy is not as positive as Beige Books earlier in the year, which used the word “moderate” to describe the pace of expansion.
Fed Says Economy Grows ‘Modestly’ on Housing, Autos
Photo: Bloomberg
Wal-Mart,a Dow stock & Dividend Aristocrat, rose to a record high after the US merchandising head said the back-to-school season was “very strong.” WMT has been cutting prices to lure shoppers seeking bargains amid the sluggish US economy & the strategy has helped the company boost same-store sales after 2 years of declines. Sales of planners & writing utensils helped back-to-school results, Duncan Mac Naughton, chief merchandising & marketing officer of Wal-Mart US, said. The company plans to more than double the number of small- format Walmart Neighborhood Market locations to 500-plus by its fiscal 2016, Bill Simon, CEO of Wal-Mart US, said. Wal-Mart will have about 240 of the stores by the end of its fiscal 2013. “We want to serve customers we haven’t been able to serve,” Simon said. Sam’s Club, its chain of warehouse clubs, is testing pricier memberships, said Rosalind Brewer, the division’s CEO. The base membership increased to $45 from $35, & the mid-level was changed to $45 from $40. The premium membership stayed at $100. Sam’s Club hasn’t raised membership prices since 2006, Brewer said. The stock rose 1.28 to 75.42.
Wal-Mart Shares Rise to a 40-Year High on Strong Back-to-School Shopping
Markets have been nervous about earnings all week. Dow lost almost 300 from its 4 year highs reached last Fri. The growing conflict between Turkey & Syria is not helping matters. Oil has been rising for a week & gas at the pump is over $3.81, only 12¢ under its yearly high. Jittery signs by traders can lead to more selling.
AMJ (Alerian MLP Index tracking fund)
Click below for the latest market update:
Treasury yields:
U.S. 3-month |
0.097% | |
U.S. 2-year |
0.262% | |
U.S. 10-year |
1.690% |
| CLX12.NYM | ...Crude Oil Nov 12 | ...91.18 | ... 1.21 | (1.3%) |
Inventories at US wholesalers rose in Aug at a slower pace as sales advanced from the previous month. The 0.5% increase in stockpiles followed a revised 0.6% rise in Jul according to the Commerce Dept, & is above the forecast for a 0.4% gain. Sales increased 0.9% from a 0.2% drop the previous month. Companies are tempering stockpiles as the impasse over US fiscal policy clouds the outlook for demand through the end of the year, showing inventories may contribute less to economic growth. Wholesalers had goods on hand to last 1.2 months at the current sales pace. Stockpiles of durable goods increased 0.1%, boosted by machinery, metals & hardware. Sales of big-ticket items rose 0.9% after a 0.8% decrease in Jul. The value of unsold non-durable goods advanced 1.2%, lifted by a 9.4% gain in petroleum, as sales increased 0.9%. The inventory-to-sales ratio dipped from 1.21 months in Jul.
Wholesale Inventories in U.S. Rose More Slowly as Sales Gained
The Federal Reserve (FED) said the US economy was expanding “modestly” last month, supported by improvements in housing & auto sales, even as the labor market showed little change. "Consumer spending was generally reported to be flat to up slightly since the last report,” the FED said in its Beige Book business survey. Conditions in manufacturing were “somewhat improved,” according to the report, which provides anecdotal evidence on the health of the economy 2 weeks before the FOMC meeting on Oct 23-24. The Beige Book provides support for the view that economic growth isn’t strong enough to bring about a quick healing of the labor market. But the report’s description of the economy is not as positive as Beige Books earlier in the year, which used the word “moderate” to describe the pace of expansion.
Fed Says Economy Grows ‘Modestly’ on Housing, Autos
Wal-Mart,a Dow stock & Dividend Aristocrat, rose to a record high after the US merchandising head said the back-to-school season was “very strong.” WMT has been cutting prices to lure shoppers seeking bargains amid the sluggish US economy & the strategy has helped the company boost same-store sales after 2 years of declines. Sales of planners & writing utensils helped back-to-school results, Duncan Mac Naughton, chief merchandising & marketing officer of Wal-Mart US, said. The company plans to more than double the number of small- format Walmart Neighborhood Market locations to 500-plus by its fiscal 2016, Bill Simon, CEO of Wal-Mart US, said. Wal-Mart will have about 240 of the stores by the end of its fiscal 2013. “We want to serve customers we haven’t been able to serve,” Simon said. Sam’s Club, its chain of warehouse clubs, is testing pricier memberships, said Rosalind Brewer, the division’s CEO. The base membership increased to $45 from $35, & the mid-level was changed to $45 from $40. The premium membership stayed at $100. Sam’s Club hasn’t raised membership prices since 2006, Brewer said. The stock rose 1.28 to 75.42.
Wal-Mart Shares Rise to a 40-Year High on Strong Back-to-School Shopping
Wal-Mart (WMT)
Markets have been nervous about earnings all week. Dow lost almost 300 from its 4 year highs reached last Fri. The growing conflict between Turkey & Syria is not helping matters. Oil has been rising for a week & gas at the pump is over $3.81, only 12¢ under its yearly high. Jittery signs by traders can lead to more selling.
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