Dow gained 128, advancers over decliners better than 3-1 & NAZ went up 34. MLPS continue to soar, taking the index up 2+ to the 259s for a new record & the REIT index was up 1+, knocking on the door of 300. Junk bond funds rose & Treasuries were little changed. Oil fell
for the first time in 4 days on signs of a global
manufacturing slowdown amid expectations that the gov
will report an increase in US inventories
& gold also pulled back as stocks rose.
AMJ (Alerian MLP Index tracking fund)
Photo: Yahoo
Sales of new homes in the US rebounded in Mar to an annual rate of 417K, adding to evidence of a sustained housing recovery at the start of the spring buying season. The Commerce Dept said that sales of new homes increased 1.5%. The gain brought the level higher than the Feb pace of 411K, though below the Jan figure of 445K, the fastest pace since Jul 2008. The median price of a new home rose to $247K, 3% higher than a year ago. But new-home sales are still below the 700K pace considered healthy although the pace has increased 18.5% from a year ago. Steady job creation and near-record-low mortgage rates are spurring more Americans to buy houses. A limited supply of available homes has held back home sales of previously occupied homes which dipped in Mar from Feb. Low inventories of existing homes have helped drive more construction of new homes.
Sales of New Homes in U.S. Climb 1.5% to 417,000 Rate
Photo: Yahoo
Manufacturing grew in Apr at its most sluggish pace in 6 months as demand from domestic customers fell, suggesting the American economy was losing momentum in Q2. Markit said its "flash," or preliminary, Manufacturing Purchasing Managers Index (PMI) fell to 52.0 this month from 54.6 in Mar, the slowest reading since last Oct. Output slipped to 53.6 from 56.6, its weakest rate of growth since last Nov while new export orders rose, demand at home increased at its slowest pace in 6 months, with the new orders component coming in at 51.8 after hitting 55.4 last month. GDP due on Fri is likely to show the economy expanded at 3.0% annualized rate in Q1, rebounding from a weak performance in Q4. But a slowdown in manufacturing suggests the economy is stumbling.
Factory Activity at Six-Month Low in April: Markit
Photo: Yahoo
DuPont Profit Doubles as Drought Boosts Farm Sales
Stocks are higher on earnings reports that were well received. Netflix (NFLX) has doubled to 212 this year helped by today's 38 pop on good earnings. However this is not a stock for those feint of heart. Earnings today are getting a better reception but more are coming & they may not be as well received if the economy falters. Dow needs another 170 if it wants a new record close.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.048% | |
U.S. 2-year |
0.224% | |
U.S. 10-year |
1.679% |
| CLM13.NYM | ...Crude Oil Jun 13 | ...88.36 |  ...0.83 | (0.9%) |
| GCJ13.CMX | .....Gold Apr 13 | ....1,420.60 | ...0.40 | (0.0%) |
Photo: Yahoo
Sales of new homes in the US rebounded in Mar to an annual rate of 417K, adding to evidence of a sustained housing recovery at the start of the spring buying season. The Commerce Dept said that sales of new homes increased 1.5%. The gain brought the level higher than the Feb pace of 411K, though below the Jan figure of 445K, the fastest pace since Jul 2008. The median price of a new home rose to $247K, 3% higher than a year ago. But new-home sales are still below the 700K pace considered healthy although the pace has increased 18.5% from a year ago. Steady job creation and near-record-low mortgage rates are spurring more Americans to buy houses. A limited supply of available homes has held back home sales of previously occupied homes which dipped in Mar from Feb. Low inventories of existing homes have helped drive more construction of new homes.
Sales of New Homes in U.S. Climb 1.5% to 417,000 Rate
Photo: Yahoo
Manufacturing grew in Apr at its most sluggish pace in 6 months as demand from domestic customers fell, suggesting the American economy was losing momentum in Q2. Markit said its "flash," or preliminary, Manufacturing Purchasing Managers Index (PMI) fell to 52.0 this month from 54.6 in Mar, the slowest reading since last Oct. Output slipped to 53.6 from 56.6, its weakest rate of growth since last Nov while new export orders rose, demand at home increased at its slowest pace in 6 months, with the new orders component coming in at 51.8 after hitting 55.4 last month. GDP due on Fri is likely to show the economy expanded at 3.0% annualized rate in Q1, rebounding from a weak performance in Q4. But a slowdown in manufacturing suggests the economy is stumbling.
Factory Activity at Six-Month Low in April: Markit
Photo: Yahoo
DuPont, a Dow stock, quarterly profit more than doubled as the worst dry
spell in decades encouraged US farmers to buy its drought-hardy seeds & crop-protection products to boost yields. Strong wheat, corn & soybean prices also spurred
agricultural sales in the Americas, helping DuPont beat estimates despite an ongoing decline in demand for its once-lucrative
titanium dioxide paint pigment. "The first quarter finished as expected, with the
strong agriculture performance and performance chemicals' decline from
peak levels last year," CEO Ellen Kullman said. The 210-year-old company, known for its chemicals
business, is focusing on food & agriculture products that are less
exposed to ebbs & flows in titanium dioxide (Ti02) sales. The shift is evident in the $5B sale of its car
paint unit last year & the $6B purchase of nutritional
supplements maker Danisco in 2011. EPS jumped to $3.58 from
$1.58 a year earlier. Net sales rose marginally to $10.4B on higher
prices for seeds & crop protection products & demand in North
America & Latin America. Agriculture business was the biggest source of revenue, contributing almost 45%. The performance
chemicals business, which includes titanium dioxide sales, accounted for
about 15%. The div was increased 5% to 45¢ & the stock rose 1.53.
DuPont Profit Doubles as Drought Boosts Farm Sales
E.I. du Pont de Nemours (DD)
Stocks are higher on earnings reports that were well received. Netflix (NFLX) has doubled to 212 this year helped by today's 38 pop on good earnings. However this is not a stock for those feint of heart. Earnings today are getting a better reception but more are coming & they may not be as well received if the economy falters. Dow needs another 170 if it wants a new record close.
Dow Jones Industrials
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