Dow went up 59, advancers over decliners 3-2 & NAZ gained 15. The MLP index extended yesterday's big gain by shooting up 3 to the 455s, a new record, & the REIT index slid a fraction to 295. Junk bond funds were higher & Treasuries eased back. Oil rose the
most in 2 weeks as the dollar weakened against the € &
the US boosted its 2013 price forecast.
Gold rose to a one-week high on speculation that central
bankers in major economies will take more steps to bolster their
economies, boosting demand for the metals as stores of value.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
Job openings climbed in Feb to the highest level in almost 5 years, signaling US employers were preparing to expand before federal gov budget cuts took effect last month. The number of positions waiting to be filled rose 314K to 3.9M, the most since May 2008, from a revised 3.6M the prior month, according to the Labor Dept. The pace of hiring increased to a 3-month high. The report, which followed data last week showing payroll gains cooled in Mar from a one-year high, indicates the labor market was gaining momentum before across-the-board cuts in gov spending went into effect on Mar 1. The number taken on increased to 4.4M in Feb & total hirings as a share of overall employment climbed to 3.3%, a 3-month high. The pace of additions to payrolls is taking on added significance at the Federal Reserve. It reiterated 3 weeks ago that it would continue $85B of monthly bond purchases until the labor market outlook improves “substantially.” The Feb jump in openings was led by a surge among health-care providers & the hospitality industry, including hotels & restaurants. But retailers showed a decrease in help wanted.
Photo: Yahoo
A group of companies led by Microsoft (MSFT), a Dow stock, called on European authorities to launch an antitrust investigation into Google's dominance of internet usage on mobile devices. The complaint comes from the "FairSearch" initiative of 17 companies which claims that GOOG is acting unfairly by requiring device makers using its free Android operating system to bundle an entire suite of services to ensure they can include just one or 2 "must-have" apps, such as Google Maps & YouTube. "Google is using its Android mobile operating system as a Trojan horse to deceive partners, monopolize the mobile marketplace and control consumer data," said Thomas Vinje, the group's lawyer. GOOG does allow smartphone & tablet makers to sculpt Android to serve their own needs & in some instances, that has led to Android modifications that exclude GOOG services. There also have been periodic instances of Android smartphones with either MSFT Bing or Yahoo (YHOO) as the built-in search engine. It is believed that Android operating systems are installed on about 70% of new smartphones. The company is already under investigation by Brussels for practices related to its dominance of the online search & advertising markets. GOOG rose 3.70.
Google's Android target of new antitrust complaint AP
Consumers in the US will pay an average 6¢ a gallon less for gasoline this summer than a year ago, according to the Energy Information Administration (EIA). It expects regular-grade gasoline will average $3.63 a gallon from Apr-Sep, down from $3.69 in 2012. Diesel fuel averages will drop a penny to $3.94 a gallon. “U.S. drivers are expected to pay less for gasoline this summer, on average down 6 cents per gallon from last summer, due in large part to slightly lower crude oil prices that account for 65 percent of the pump price,” Adam Sieminski, the EIA’s administrator said. The EIA raised its forecast for gasoline prices at the pump for all of 2013 & reduced its estimate for demand. Regular-grade gasoline will average $3.56 a gallon this year, up from last month’s forecast of $3.55. Prices in 2012 averaged $3.63. Prices may average $3.39 in 2014, the department estimated, up from $3.38 in last month’s forecast.
U.S. Projects Gasoline Will Cost Less This Summer Than in 2012
Dow rose more than 100 in 2 days this week to a new record even though nothing special is going on. There is a feeling that the fund guys, you know the smart guys who are millionaires, are eagerely buying stocks because they have been left behind in this year's rally. That explanation is a good as any for the rally. In the next couple of days, big banks will start reporting which should be the big drivers for the stock market. Talk about being left behind, Apple (AAPL) was essentially flat today at 426, down 280 from its record highs last year.
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.058% | |
U.S. 2-year |
0.232% | |
U.S. 10-year |
1.746% |
| CLK13.NYM | Crude Oil May 13 | 94.17 |  0.81 (0.9%) |
Photo: Bloomberg
Job openings climbed in Feb to the highest level in almost 5 years, signaling US employers were preparing to expand before federal gov budget cuts took effect last month. The number of positions waiting to be filled rose 314K to 3.9M, the most since May 2008, from a revised 3.6M the prior month, according to the Labor Dept. The pace of hiring increased to a 3-month high. The report, which followed data last week showing payroll gains cooled in Mar from a one-year high, indicates the labor market was gaining momentum before across-the-board cuts in gov spending went into effect on Mar 1. The number taken on increased to 4.4M in Feb & total hirings as a share of overall employment climbed to 3.3%, a 3-month high. The pace of additions to payrolls is taking on added significance at the Federal Reserve. It reiterated 3 weeks ago that it would continue $85B of monthly bond purchases until the labor market outlook improves “substantially.” The Feb jump in openings was led by a surge among health-care providers & the hospitality industry, including hotels & restaurants. But retailers showed a decrease in help wanted.
Photo: Yahoo
A group of companies led by Microsoft (MSFT), a Dow stock, called on European authorities to launch an antitrust investigation into Google's dominance of internet usage on mobile devices. The complaint comes from the "FairSearch" initiative of 17 companies which claims that GOOG is acting unfairly by requiring device makers using its free Android operating system to bundle an entire suite of services to ensure they can include just one or 2 "must-have" apps, such as Google Maps & YouTube. "Google is using its Android mobile operating system as a Trojan horse to deceive partners, monopolize the mobile marketplace and control consumer data," said Thomas Vinje, the group's lawyer. GOOG does allow smartphone & tablet makers to sculpt Android to serve their own needs & in some instances, that has led to Android modifications that exclude GOOG services. There also have been periodic instances of Android smartphones with either MSFT Bing or Yahoo (YHOO) as the built-in search engine. It is believed that Android operating systems are installed on about 70% of new smartphones. The company is already under investigation by Brussels for practices related to its dominance of the online search & advertising markets. GOOG rose 3.70.
Google's Android target of new antitrust complaint AP
Google (GOOG)
Consumers in the US will pay an average 6¢ a gallon less for gasoline this summer than a year ago, according to the Energy Information Administration (EIA). It expects regular-grade gasoline will average $3.63 a gallon from Apr-Sep, down from $3.69 in 2012. Diesel fuel averages will drop a penny to $3.94 a gallon. “U.S. drivers are expected to pay less for gasoline this summer, on average down 6 cents per gallon from last summer, due in large part to slightly lower crude oil prices that account for 65 percent of the pump price,” Adam Sieminski, the EIA’s administrator said. The EIA raised its forecast for gasoline prices at the pump for all of 2013 & reduced its estimate for demand. Regular-grade gasoline will average $3.56 a gallon this year, up from last month’s forecast of $3.55. Prices in 2012 averaged $3.63. Prices may average $3.39 in 2014, the department estimated, up from $3.38 in last month’s forecast.
U.S. Projects Gasoline Will Cost Less This Summer Than in 2012
Dow rose more than 100 in 2 days this week to a new record even though nothing special is going on. There is a feeling that the fund guys, you know the smart guys who are millionaires, are eagerely buying stocks because they have been left behind in this year's rally. That explanation is a good as any for the rally. In the next couple of days, big banks will start reporting which should be the big drivers for the stock market. Talk about being left behind, Apple (AAPL) was essentially flat today at 426, down 280 from its record highs last year.
Dow Jones Industrials
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