Dow sank 83, decliners over advancers almost 7-1 & NAZ fell 23. The MLP index dropped 3+ to the 444s & the REIT index was off 2 to 280. Junk bond fudns were mixed to lower & Treasuries pulled back with global uncertainty in financial markets. Oil
dropped for a 2nd day, following losses in commodities &
equities, as the Bank of Japan left stimulus efforts unchanged. There was also selling of gold.
AMJ (Alerian MLP Index tracking fund)
Photo: Yahoo
Japanese disappointment weighs on global markets AP
Photo: Yahoo
Boeing, a Dow stock, upgraded its 20-year forecast for airplane demand as aerospace firms heading to next week's Paris Airshow look beyond the financial crisis to pin their hopes on Asia. It said airlines & related firms would need 35K new jets worth $4.8T as the world's fleet doubles over the next 2 decades, raising by 3.8% the company's previous 20-year outlook. The bullish forecast anticipates a surge in Asia-Pacific travel that will keep production rates at jet factories rising, but includes a downward revision of forecasts for Europe & North America where prospects for recovery are uncertain. "By 2032, Asia-Pacific will be by far the world's largest travel market," Randy Tinseth, VP for marketing at Boeing Commercial Airplanes said. "There is no doubt the industry's center of gravity is moving from the US to Asia. Now, 37 percent of all traffic touches Asia -- by 2032 it will approach 50." BA said passenger & cargo traffic, both indicators of economic activity, are expected to grow 5% annually. Worldwide, airlines will need 25K of single-aisle jets worth $2.3T, according to the latest forecast, up from 23K forecast last year. The stock slipped pennies to 102.
Boeing Raises 20-Year Jet Forecast 3.8% as No Order Bubble Seen
Employers in the US advertised fewer jobs in Apr, but overall hiring rose & the number quitting their jobs increased. The Labor Dept says job openings fell 3% to 3.75M. Total hiring jumped nearly 5% to 4.4M while the number quitting their jobs increased 7.2% to 2.25M. More hiring & quits are a sign of a dynamic job market. Most workers quit jobs when they have a new position or are confident they can find one, more quits are therefore a good sign. The job market is very competitive for those looking for work. There were 3.1 unemployed workers, on average, for each open job in Apr. In a healthy economy, the ratio is 2 to 1.
US job openings slip in April; hiring rises AP
Stocks are getting a dose of reality. After soaring for the last year with little economic good news to support the rise, there is selling today. Federal reserve banks have been flooding the money with cheap money & the thought that it might end or not be increased spooked traders. There is nervousness that the FOMC meeting next week might not bring encouraging news about the Q3 bond buying program. The yield on the 10 year Treasury is up 65 basis points in a little more than a month.on bets cheap money will not be sustained. High yield sectors (MLPs, REITs & junk bonds) are leading the way lower for the stock market.,
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.05% | |
U.S. 2-year |
0.32% | |
U.S. 10-year |
2.25% |
| CLN13.NYM | ....Crude Oil Jul 13 | ...94.38 |  .....1.39 | (1.5%) |
| GCM13.CMX | ...Gold Jun 13 | .....1,371.30 | ...14.90 | (1.1%) |
Photo: Yahoo
Disappointment at the failure of
the Bank of Japan to unveil further measures to boost the
economy weighed on stock markets. There had been expectations that the central bank, which started a
big monetary stimulus earlier this year in an attempt to get the world's #3 economy out of a 2-decade stagnation, would announce new
measures to ease the volatility in the Japanese bond market. Instead the
bank's policy board merely upgraded its economic assessment. Japanese stocks sank, bring selling of more stocks across global markets. As well as focusing on whether Japan's monetary experiment will work, investors have been keenly monitoring developments in the US & whether the economic picture has improved enough for the Federal Reserve
to reduce its bond purchases under Q3. Speculation that it will has eased somewhat after
last week's slightly better-than-expected US jobs report for May.
Japanese disappointment weighs on global markets AP
Photo: Yahoo
Boeing, a Dow stock, upgraded its 20-year forecast for airplane demand as aerospace firms heading to next week's Paris Airshow look beyond the financial crisis to pin their hopes on Asia. It said airlines & related firms would need 35K new jets worth $4.8T as the world's fleet doubles over the next 2 decades, raising by 3.8% the company's previous 20-year outlook. The bullish forecast anticipates a surge in Asia-Pacific travel that will keep production rates at jet factories rising, but includes a downward revision of forecasts for Europe & North America where prospects for recovery are uncertain. "By 2032, Asia-Pacific will be by far the world's largest travel market," Randy Tinseth, VP for marketing at Boeing Commercial Airplanes said. "There is no doubt the industry's center of gravity is moving from the US to Asia. Now, 37 percent of all traffic touches Asia -- by 2032 it will approach 50." BA said passenger & cargo traffic, both indicators of economic activity, are expected to grow 5% annually. Worldwide, airlines will need 25K of single-aisle jets worth $2.3T, according to the latest forecast, up from 23K forecast last year. The stock slipped pennies to 102.
Boeing Raises 20-Year Jet Forecast 3.8% as No Order Bubble Seen
Employers in the US advertised fewer jobs in Apr, but overall hiring rose & the number quitting their jobs increased. The Labor Dept says job openings fell 3% to 3.75M. Total hiring jumped nearly 5% to 4.4M while the number quitting their jobs increased 7.2% to 2.25M. More hiring & quits are a sign of a dynamic job market. Most workers quit jobs when they have a new position or are confident they can find one, more quits are therefore a good sign. The job market is very competitive for those looking for work. There were 3.1 unemployed workers, on average, for each open job in Apr. In a healthy economy, the ratio is 2 to 1.
US job openings slip in April; hiring rises AP
Stocks are getting a dose of reality. After soaring for the last year with little economic good news to support the rise, there is selling today. Federal reserve banks have been flooding the money with cheap money & the thought that it might end or not be increased spooked traders. There is nervousness that the FOMC meeting next week might not bring encouraging news about the Q3 bond buying program. The yield on the 10 year Treasury is up 65 basis points in a little more than a month.on bets cheap money will not be sustained. High yield sectors (MLPs, REITs & junk bonds) are leading the way lower for the stock market.,
Dow Jones Industrials
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