Dow lost 9, advancers & decliners were about even & NAZ was off 6. The MLP index fell 2 to 396 & the REIT index rose 1+ to the 258s. With debt talks stuck in neutral, the markets are pretty much taking the day off.
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.071% | |
U.S. 2-year |
0.250% | |
U.S. 10-year |
1.606% |
| CLF13.NYM | ...Crude Oil Jan 13 | ...88.31 | ... 0.24 | (0.3%) |
| GCZ12.CMX | ...Gold Dec 12 | ...1,724.00 | .... 3.20 | (0.2%) |
Business activity in the US expanded in Nov for the first time in 3 months, showing superstorm Sandy is less damaging to the economy nationally. The MNI Chicago Report’s business barometer rose to 50.4 from 49.9 in Oct (a reading of 50 is the dividing line between expansion & contraction). The estimate of 53 was fore the gauge would to rise to 50.5. This reading contrasts with earlier reports from the Philadelphia & New York region that showed the largest Atlantic storm ever to hit the US had halted manufacturing in that part of the country.
Business Activity in U.S. Expands for First Time in Three Months
Photo: Bloomberg
Spending by US consumers unexpectedly declined & incomes stagnated in Oct as superstorm Sandy kept some in the Northeast from getting to work or from shopping at malls & car dealerships. Purchases decreased 0.2%, the weakest reading since May, after a 0.8% gain in the prior month, accordin to the Commerce Dept. The estimate called for no change in nominal sales. Incomes were unchanged, held down by a drop in wages caused by Sandy. The storm shuttered hundreds of retailers when it made landfall on Oct 29, temporarily countering the benefit from rising consumer sentiment that has brightened the holiday- shopping outlook. Faster job & wage gains would help stoke household spending after a Q3 slowdown, helping explain why the Federal Reserve is pursuing policy aimed at spurring employment.
Consumer Spending in U.S. Declines as Sandy Reduces Wages
This is another semi-holiday in the markets with nothing coming out of DC other than babble. This behavior will conitnue for at least another 4 weeks & I don't think the markets will take this delay very well. On the plus side for the bulls, Dow is barely holding above 13K & NAZ is hanging in there above 3K. But this strength in the face of dreary news coming from DC may not last very long.
Dow Jones Industrials
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