Dow was off 70, advancers & decliners were equal while NAZ lost 15. The MLP index recovered 2+ to the 446s & the REIT index rose 2+ to the 283s. Junk bond funds rose 1-2% & Treasuries are advancing. Oil & gold had good rises.
AMJ (Alerian MLP Index tracking fund)
Photo: Yahoo
Consumer sentiment retreated this month after reaching its highest in nearly 6 years in May as household optimism about employment & housing faded slightly. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 82.7 in Jun, below a near 6-year high of 84.5 in May. Expectations were for it to hold at 84.5. However, the Jun reading was the 2nd highest in the last 8 months, suggesting Americans were far from gloomy about their long-term prospects. While the barometer of current economic conditions fell to 92.1 from 98.0, a gauge of consumer expectations edged up to its highest since Nov at 76.7, up from 75.8. Confidence eroded most among lower-income households, which were "more likely to report worsening overall financial prospects" than higher-income households, survey director Richard Curtin said. But he added that "all consumers were less optimistic about job prospects in early June, expected smaller gains in the value of their homes and judged the probability of stock price increases somewhat below last month's level."
Photo: Yahoo
Industrial production was unchanged in May, the Federal Reserve said, compared with forecasts for a light increase after gains in manufacturing & mining were offset by a sharp drop in the output of utilities. Expectations were for a 0.2% rise in May industrial output following a revised 0.4% decline the previous month. Factory output rose 0.1%, matching expectations, while mining advanced 0.7%. But utilities output slumped by 1.8%. Industrial capacity utilization, a measure of how fully firms are deploying their resources, edged down to 77.6% from 77.7% in Apr, a rate that lies 2.6 percentage points below its estimated long-run average. Analysts had forecast capacity utilization to come in at 77.9%.
Industrial Output in U.S. Unchanged as Utility Use Drops
The weekend is starting early with many traders away. All eyes are on the Federal Reserve announcement but that's next week. So there is little to do today. The high yield sectors, like MLPs, REITs & junk bond funds, are being bought up by bargain hunters. The rest of the day should be quiet, giving traders more time to watch the crazy goings on in DC.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.04% | |
U.S. 2-year |
0.27% | |
U.S. 10-year |
2.11% |
| CLN13.NYM | ...Crude Oil Jul 13 | ...97.65 |  ...0.96 | (1.0%) |
| GCN13.CMX | ...Gold Jul 13 | .....1,387.20 | ...9.30 | (0.7%) |
Photo: Yahoo
Consumer sentiment retreated this month after reaching its highest in nearly 6 years in May as household optimism about employment & housing faded slightly. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 82.7 in Jun, below a near 6-year high of 84.5 in May. Expectations were for it to hold at 84.5. However, the Jun reading was the 2nd highest in the last 8 months, suggesting Americans were far from gloomy about their long-term prospects. While the barometer of current economic conditions fell to 92.1 from 98.0, a gauge of consumer expectations edged up to its highest since Nov at 76.7, up from 75.8. Confidence eroded most among lower-income households, which were "more likely to report worsening overall financial prospects" than higher-income households, survey director Richard Curtin said. But he added that "all consumers were less optimistic about job prospects in early June, expected smaller gains in the value of their homes and judged the probability of stock price increases somewhat below last month's level."
Photo: Yahoo
Industrial production was unchanged in May, the Federal Reserve said, compared with forecasts for a light increase after gains in manufacturing & mining were offset by a sharp drop in the output of utilities. Expectations were for a 0.2% rise in May industrial output following a revised 0.4% decline the previous month. Factory output rose 0.1%, matching expectations, while mining advanced 0.7%. But utilities output slumped by 1.8%. Industrial capacity utilization, a measure of how fully firms are deploying their resources, edged down to 77.6% from 77.7% in Apr, a rate that lies 2.6 percentage points below its estimated long-run average. Analysts had forecast capacity utilization to come in at 77.9%.
Industrial Output in U.S. Unchanged as Utility Use Drops
The weekend is starting early with many traders away. All eyes are on the Federal Reserve announcement but that's next week. So there is little to do today. The high yield sectors, like MLPs, REITs & junk bond funds, are being bought up by bargain hunters. The rest of the day should be quiet, giving traders more time to watch the crazy goings on in DC.
Dow Jones Industrials
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