Dow climbed 88, advancers over decliners 3-1 & NAZ added 53. The MLP index rose 2 to the 464s (within spitting distance of setting a new record) & the REIT index was up 1+ to the 285s. Junk bond funds gained & Treasuries were about even. There was buying in oil but gold pulled back.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
German investor confidence fell to the lowest since Aug as political uncertainty in Ukraine threatens to weigh on a recovery in Europe's largest economy that may be nearing its peak. The ZEW Center for European Economic Research said its index of investor & analyst expectations, which aims to predict economic developments 6 months in advance, slid to 46.6 from 55.7 in Feb. That’s the 3rd monthly decline & the forecast was for a decline to 52. The gauge reached a 7-year high of 62 in Dec. While German economic growth of 0.4% in Q4 beat estimates, increasing tensions with Russia over its seizure of Crimea, an economic slowdown in China & a muted revival in the rest of the single-currency region risk damping output. The euro area, Germany's largest trading partner, is struggling with low inflation & near-record unemployment even as periphery countries are returning to growth. A gauge of the current situation rose to 51.3 from 50 the prior month. A measure of expectations for the euro area fell to 61.5 from 68.5. German Q4 growth was driven primarily by exports, which surged the most in 3 years, while private consumption declined.
German ZEW Investor Confidence Falls to Lowest Since August
The Federal Reserve (FED) will probably discard its 6.5% jobless rate threshold while adopting qualitative guidance for signaling when it will consider raising the benchmark interest rate, economists said in a survey. The FOMC tomorrow is expected to say that it will link policy to a range of economic indicators. 20% of the economists in the survey said the FED will maintain the threshold it adopted in Dec 2012, while 6% said it will drop such guidance entirely. FED Chair Janet Yellen & her colleagues are considering ways to clarify when they’ll increase borrowing costs for the first time since 2006 after payrolls rose more than projected last month & unemployment fell to 6.7% from 7% in Nov. The 2-day meeting starts today. The committee “will likely reduce the pace of asset purchases in further measured steps at future meetings,” Yellen said last month. “That said, purchases are not on a preset course, and the committee’s decisions about their pace will remain contingent on its outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.” She said she agrees with many FED officials that the FOMC should consider a range of indicators in setting policy now that unemployment is closing in on the threshold. The rate nearing 6.5% “moves in the direction of qualitative guidance,” she said.
Fed Seen Adopting Qualitative Guidance as Job Market Gains
Apple is selling a new, cheaper version of the iPhone 5c with less memory in the UK, France, Germany, Australia & China. The latest iPhone 5c has 8-GB & is priced at 429£ ($712) without a contract, compared with 469£ for the 16-GB model. The company isn’t yet offering this version of the 5c in the US. AAPL introduced the plastic-cased iPhone 5c last year in a bid to capture more budget-conscious smartphone buyers. Customers have instead favored the higher-end 5s model with a more powerful processor, sharper camera & fingerprint reader. The new iPhone 5c is being sold for 4,088 yuan ($660) on AAPL's online store in China, the world’s biggest handset market. China Mobile, the #1 carrier, began selling iPhones in Jan after 6 years of negotiations as both seek to stem declining share there. AAPL also updated its least expensive full-size iPad, adding better cameras & a faster chip to its $399 model to compete with products using Android software. The 4th-generation iPad, with a 9.7" Retina display, has an A6X chip designed by AAPL & a 5-mp camera for video chats. The iPhone is AAPL’s most important product, accounting for more than half of revenue in the latest fiscal year. The stock went up 4.66. If you would like to learn more about AAPL, click on this link:
http://club.ino.com/trend/?symb=AAPL&a_aid=CD3289&a_bid=6ae5b6f7
Apple Unveils Cheaper IPhone Model With Less Memory in Europe, U.K., Asia
Today's rally seems to be based on the observation that the world didn't come to an end, time to celebrate. It's difficult to see what problems have been solved. Putin thinks of himself as THE world leader & likes to flex his muscles to show off. Tensions in eastern Europe are far from over. Tomorrow the 2 day FOMC meeting wraps up. When the outcome is announced, there is always the possibility of turbulence in the stock market.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.05% | |
U.S. 2-year |
0.35% | |
U.S. 10-year |
2.68% |
| CLF15.NYM | ...Crude Oil Jan 15 | ....92.14 |  ....0.29 | (0.3%) |
German investor confidence fell to the lowest since Aug as political uncertainty in Ukraine threatens to weigh on a recovery in Europe's largest economy that may be nearing its peak. The ZEW Center for European Economic Research said its index of investor & analyst expectations, which aims to predict economic developments 6 months in advance, slid to 46.6 from 55.7 in Feb. That’s the 3rd monthly decline & the forecast was for a decline to 52. The gauge reached a 7-year high of 62 in Dec. While German economic growth of 0.4% in Q4 beat estimates, increasing tensions with Russia over its seizure of Crimea, an economic slowdown in China & a muted revival in the rest of the single-currency region risk damping output. The euro area, Germany's largest trading partner, is struggling with low inflation & near-record unemployment even as periphery countries are returning to growth. A gauge of the current situation rose to 51.3 from 50 the prior month. A measure of expectations for the euro area fell to 61.5 from 68.5. German Q4 growth was driven primarily by exports, which surged the most in 3 years, while private consumption declined.
German ZEW Investor Confidence Falls to Lowest Since August
The Federal Reserve (FED) will probably discard its 6.5% jobless rate threshold while adopting qualitative guidance for signaling when it will consider raising the benchmark interest rate, economists said in a survey. The FOMC tomorrow is expected to say that it will link policy to a range of economic indicators. 20% of the economists in the survey said the FED will maintain the threshold it adopted in Dec 2012, while 6% said it will drop such guidance entirely. FED Chair Janet Yellen & her colleagues are considering ways to clarify when they’ll increase borrowing costs for the first time since 2006 after payrolls rose more than projected last month & unemployment fell to 6.7% from 7% in Nov. The 2-day meeting starts today. The committee “will likely reduce the pace of asset purchases in further measured steps at future meetings,” Yellen said last month. “That said, purchases are not on a preset course, and the committee’s decisions about their pace will remain contingent on its outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.” She said she agrees with many FED officials that the FOMC should consider a range of indicators in setting policy now that unemployment is closing in on the threshold. The rate nearing 6.5% “moves in the direction of qualitative guidance,” she said.
Fed Seen Adopting Qualitative Guidance as Job Market Gains
Apple is selling a new, cheaper version of the iPhone 5c with less memory in the UK, France, Germany, Australia & China. The latest iPhone 5c has 8-GB & is priced at 429£ ($712) without a contract, compared with 469£ for the 16-GB model. The company isn’t yet offering this version of the 5c in the US. AAPL introduced the plastic-cased iPhone 5c last year in a bid to capture more budget-conscious smartphone buyers. Customers have instead favored the higher-end 5s model with a more powerful processor, sharper camera & fingerprint reader. The new iPhone 5c is being sold for 4,088 yuan ($660) on AAPL's online store in China, the world’s biggest handset market. China Mobile, the #1 carrier, began selling iPhones in Jan after 6 years of negotiations as both seek to stem declining share there. AAPL also updated its least expensive full-size iPad, adding better cameras & a faster chip to its $399 model to compete with products using Android software. The 4th-generation iPad, with a 9.7" Retina display, has an A6X chip designed by AAPL & a 5-mp camera for video chats. The iPhone is AAPL’s most important product, accounting for more than half of revenue in the latest fiscal year. The stock went up 4.66. If you would like to learn more about AAPL, click on this link:
http://club.ino.com/trend/?symb=AAPL&a_aid=CD3289&a_bid=6ae5b6f7
Apple Unveils Cheaper IPhone Model With Less Memory in Europe, U.K., Asia
Apple (AAPL)
Today's rally seems to be based on the observation that the world didn't come to an end, time to celebrate. It's difficult to see what problems have been solved. Putin thinks of himself as THE world leader & likes to flex his muscles to show off. Tensions in eastern Europe are far from over. Tomorrow the 2 day FOMC meeting wraps up. When the outcome is announced, there is always the possibility of turbulence in the stock market.
Dow Jones Industrials
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