Dow was 27 higher, advancers just ahead of decliners & NAZ added 10. The MLP index went up 1+ to the 459s & the REIT index climbed 1 to the 284s. Junk bond funds were mixed while Treasuries rose. Oil took a tumble & gold was flattish.
AMJ (Alerian MLP Index tracking fund)
US home prices climbed at a slower pace in the year thru Dec, indicating the market is entering a new stage that will help sustain further progress. The S&P/Case-Shiller index of property values in 20 cities rose 13.4% from Dec 2012 after increasing 13.7% in the year ended in Nov, the first deceleration since Jun. The gain matched the estimate. Price appreciation is slowing as rising mortgage rates combined with harsh winter weather to cool home purchases over the past few months. Smaller increases mean more homes will remain affordable as the labor market improves, helping maintain the rebound in residential real estate that has boosted growth. The report also included quarterly figures for the national market. Prices covering all of the US climbed 11.3% in Q4 from the same period in 2012, compared with an 11.2% gain in Q3. Home prices adjusted for seasonal variations increased 0.8% in Dec from the prior month after climbing 0.9% in Nov.
Home Prices in 20 U.S. Cities Increase at Slower Pace
Consumer confidence in the US fell more than forecast in Feb as Americans grew more pessimistic about the outlook for the economy & employment. The Conference Board’s index decreased to 78.1 from a revised 79.4 in Jan that was weaker than initially estimated. The forecast called for a reading of 80. The share of Americans who said business conditions would improve in the next six months declined to a 4-month low. Bigger gains in payrolls & wages would help the economy recover from colder temperatures & snowstorms that weighed on growth at the start of the year. The Conference Board’s measure of consumer expectations for the next 6 months declined to 75.7 from 80.8 a month before. The share of consumers who said jobs would become more plentiful fell to 13.3% from 15.1%.
Consumer Confidence in U.S. Declines More Than Forecast
Home Depot, a Dow stock, posted Q4 profit that topped estimates, marking 6 straight years of meeting or exceeding projections, as the US housing rebound spurs spending on renovations. EPS of 73¢ compares with 68¢ a year earlier & beat 71¢ estimate. The chain has topped quarterly projections 23 times since mid-2008, while matching estimates once. The retailer has benefited as 2 years of rising housing prices prompted spending on remodeling kitchens & bathrooms. That demand helped it more than double its initial forecast for a 2% increase in 2013 sales, with revenue increasing 5.4% to $78.8B last year. HD said that sales in the current fiscal year will increase 4.8%, compared with a Dec forecast of about 5%. The retailer also reiterated that operating margin would expand by 0.7 percentage points, spending on share repurchases will total about $5B & EPS will gain about 17%. The company expects the housing rebound to continue this year, including more gains in prices, & be a “tailwind” for its business, CEO Frank Blake said The company also raised its quarterly div 21% to 47¢. .The stock rose 1.76. If you would like to learn more about HD, click on this link:
http://club.ino.com/trend/?symb=HD&a_aid=CD3289&a_bid=6ae5b6f7
Home Depot Profit Tops Estimates as Housing Spurs Sales
Earnings sounded better than the consumer confidence data. So buyers have the upper hand today, but not by much. But the consumer data is is another in a string of less than robust indicators about the economy. However, there is not enough for the Federal Reserve to alter its plans to wind down its bond buying program this year. Dow remains down about 330 YTD.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
BONDS
U.S. 3-month |
0.04% | |
U.S. 2-year |
0.31% | |
U.S. 10-year |
2.71% |
| CLJ14.NYM | ....Crude Oil Apr 14 | ...101.29 |  ...1.53\ (1.5%) |
| GCH14.CMX | ...Gold Mar 14 | .......1,339.20 | ...1.10 | (0.1%) |
US home prices climbed at a slower pace in the year thru Dec, indicating the market is entering a new stage that will help sustain further progress. The S&P/Case-Shiller index of property values in 20 cities rose 13.4% from Dec 2012 after increasing 13.7% in the year ended in Nov, the first deceleration since Jun. The gain matched the estimate. Price appreciation is slowing as rising mortgage rates combined with harsh winter weather to cool home purchases over the past few months. Smaller increases mean more homes will remain affordable as the labor market improves, helping maintain the rebound in residential real estate that has boosted growth. The report also included quarterly figures for the national market. Prices covering all of the US climbed 11.3% in Q4 from the same period in 2012, compared with an 11.2% gain in Q3. Home prices adjusted for seasonal variations increased 0.8% in Dec from the prior month after climbing 0.9% in Nov.
Home Prices in 20 U.S. Cities Increase at Slower Pace
Consumer confidence in the US fell more than forecast in Feb as Americans grew more pessimistic about the outlook for the economy & employment. The Conference Board’s index decreased to 78.1 from a revised 79.4 in Jan that was weaker than initially estimated. The forecast called for a reading of 80. The share of Americans who said business conditions would improve in the next six months declined to a 4-month low. Bigger gains in payrolls & wages would help the economy recover from colder temperatures & snowstorms that weighed on growth at the start of the year. The Conference Board’s measure of consumer expectations for the next 6 months declined to 75.7 from 80.8 a month before. The share of consumers who said jobs would become more plentiful fell to 13.3% from 15.1%.
Consumer Confidence in U.S. Declines More Than Forecast
Home Depot, a Dow stock, posted Q4 profit that topped estimates, marking 6 straight years of meeting or exceeding projections, as the US housing rebound spurs spending on renovations. EPS of 73¢ compares with 68¢ a year earlier & beat 71¢ estimate. The chain has topped quarterly projections 23 times since mid-2008, while matching estimates once. The retailer has benefited as 2 years of rising housing prices prompted spending on remodeling kitchens & bathrooms. That demand helped it more than double its initial forecast for a 2% increase in 2013 sales, with revenue increasing 5.4% to $78.8B last year. HD said that sales in the current fiscal year will increase 4.8%, compared with a Dec forecast of about 5%. The retailer also reiterated that operating margin would expand by 0.7 percentage points, spending on share repurchases will total about $5B & EPS will gain about 17%. The company expects the housing rebound to continue this year, including more gains in prices, & be a “tailwind” for its business, CEO Frank Blake said The company also raised its quarterly div 21% to 47¢. .The stock rose 1.76. If you would like to learn more about HD, click on this link:
http://club.ino.com/trend/?symb=HD&a_aid=CD3289&a_bid=6ae5b6f7
Home Depot Profit Tops Estimates as Housing Spurs Sales
Home Depot (HD)
Earnings sounded better than the consumer confidence data. So buyers have the upper hand today, but not by much. But the consumer data is is another in a string of less than robust indicators about the economy. However, there is not enough for the Federal Reserve to alter its plans to wind down its bond buying program this year. Dow remains down about 330 YTD.
Dow Jones Industrials
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