Dow was off 32, decliners ahead of advancers 5-4 & NAZ slipped fractionally. The Financial Index was off 1 to the 233s. The MLP index rebounded 2+ to the 429s, a new record & brings the Jan gain to 50, while the REIT index fell 1+ to 277. Junk bond funds were mixed & treasuries found buyers, taking the yield on the 10 year Treasury below 2%. Oil pulled back & gold dropped 20 to 1659.
AMJ (Alerian MLP Index tracking Fund)
Photo: Yahoo
The number of Americans seeking unemployment aid rose sharply last week but remained at a level consistent with moderate hiring. Weekly applications leaped 38K to 368K, according to the Labor Dept. The increase comes after applications plummeted in the previous 2 weeks to 5-year lows. Applications fell by a combined 45K in the 2nd & 3rd weeks of Jan. The volatility reflects the difficulty adjusting the data to account for layoffs after the holiday shopping season. Job cuts typically spike in the 2nd week in Jan as retailers dismiss temporary employees hired for the winter holidays. Layoffs then fall in the 2nd half of the month. The number continuing to claim benefits also rose. More than 5.9M received benefits, 250K more than in the previous week.
Stocks are not doing much ahead of the jobs report tomorrow. Earnings reports have been coming in mixed. Dow is having a tremendous month & needs time for a breather.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking Fund)
Photo: Yahoo
The number of Americans seeking unemployment aid rose sharply last week but remained at a level consistent with moderate hiring. Weekly applications leaped 38K to 368K, according to the Labor Dept. The increase comes after applications plummeted in the previous 2 weeks to 5-year lows. Applications fell by a combined 45K in the 2nd & 3rd weeks of Jan. The volatility reflects the difficulty adjusting the data to account for layoffs after the holiday shopping season. Job cuts typically spike in the 2nd week in Jan as retailers dismiss temporary employees hired for the winter holidays. Layoffs then fall in the 2nd half of the month. The number continuing to claim benefits also rose. More than 5.9M received benefits, 250K more than in the previous week.
Stocks are not doing much ahead of the jobs report tomorrow. Earnings reports have been coming in mixed. Dow is having a tremendous month & needs time for a breather.
Dow Jones Industrials
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