Dow climbed 75 on buying in the PM (but there was selling into the close), advancers over decliners 3-2 & NAZ rose 31. The MLP index jumped 10 (an eye popping move) to the 506s & the REIT index rose 2 to the 303s. Junk bond funds were mixed to lower following last week's sell-off & Treasuries hardly budged. Oil rebounded on rising tension in Iraq &
speculation that last week’s 4.1% drop was excessive. Gold continued drifting lower.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.41776613879563085)
US banks eased lending requirements amid a widespread increase in demand during Q2, according to a Federal Reserve (FED) survey. “Survey results showed a continued easing of lending standards and terms for many types of loan categories amid a broad-based pickup in loan demand,” the FED said in its quarterly survey of senior loan officers. Record lending by US banks has helped the economy rebound from a Q1 brought on by harsh winter weather. Employers added more than 200K jobs for a 6th straight month in Jul. The last time that occurred was 1997. “Domestic banks generally continued to ease their lending standards and various terms for commercial and industrial loans,” the FED said. Financial institutions “also reported having eased standards on most types of commercial real estate loans on balance.” Most consumer lending didn’t change. While “many banks reported having eased standards for prime residential real estate loans, respondents generally indicated little change in standards and terms for other types of loans to households.” “A significant fraction” of banks experienced higher demand for commercial and industrial loans, & more banks reported stronger demand for commercial real estate loans as well. “Moderate fractions” of banks reported increased demand for credit card, auto & other consumer loans. Even with the lending increases, Janet Yellen said tight credit has caused the housing recovery to be slow. “It is difficult for any homeowner who doesn’t have pristine credit these days to get a mortgage,” she said in Jun. In its Beige Book report of regional anecdotal information, the FED said Jul 16 that loan demand increased across the US, with lenders in Richmond noting easing terms for “well-qualified commercial and industrial borrowers,” & competition in Philadelphia & Chicago regions prompting “some financial institutions to take on higher credit risks.”
Fed Says Banks Eased Loan Standards Amid Broad Pickup in Demand
Israel military said today it was on course to destroy within hours all known tunnels in the Gaza Strip, meeting one of its stated objectives for an offensive ending its 4th week. Gaza militant groups reported progress toward a 72-hour truce, but Israel had no comment. “We destroyed all the tunnels we knew of,” Major General Sami Turgeman, head of Israel’s southern command, said. “All the tunnels we discovered in the course of the operation, we destroyed. In the next few hours, we’ll complete the tunnel operation.” The Gaza offensive, which Israel says is also intended to quash rocket salvoes, has been the deadliest in the territory since Israeli settlers & soldiers left in 2005. Over 1800 Palestinians have been killed, including hundreds of civilians, according to a Gaza Health Ministry spokesman. 67 have been killed on the Israeli side, 64 of them soldiers. While Israel has been reducing troop levels, the violence hasn’t let up. Al-Qedra’s ministry said that an 8-year-old girl was killed in an Israeli airstrike on Gaza City. The driver of a construction excavator, identified by police as an east Jerusalem Palestinian, was shot dead by an officer after he rammed his vehicle into a bus, overturning it. As he charged toward the bus, the assailant ran over a man in the street, killing him, while the bus driver & 5 pedestrians were hurt when the vehicle was flipped on its side. An hour later, a man was shot the city’s Hebrew University by an assailant on a motorbike. Jerusalem Mayor Nir Barkat said the man who was shot was a soldier. The violence in Jerusalem, which had been largely calm since fighting began escalated on Jul 8, came during a 7-hour period when Israel held its fire in parts of Gaza to allow for humanitarian relief. US, Palestinian & Egyptian envoys are meeting in Cairo in search of an end to the 3rd major conflict between Israel & Gaza militants in less than 6 years. Israel isn’t sending anyone, saying Hamas has undermined previous truce efforts, a charge the group levels at Israel.
Israel Says Tunnel Campaign Over Within Hours Amid Truce Reports
Ukraine’s defense minister said he’s confident victory over pro-Russian separatists is close as fighting disrupted an intl team searching the wreckage of the Malaysian airliner downed over the rebel-held east. “Our forces are in an offensive phase,” the minister, Valeriy Geletey, said. “I am sure, 100 percent, just like every person in the Ukrainian armed forces, there will be victory, and very soon.” The army took control of Yasynuvata, about 12 miles from central Donetsk, cutting the access for rebels to roads from the north, a military spokesman said. 5 Ukrainian soldiers died & 14 were wounded in the past 24 hours. Ukraine’s armed forces are pressing ahead with their offensive after the US & EU increased pressure on Russian pres Putin over his backing for the rebels with an expansion of sanctions. The downing of Malaysian MH17 on Jul 17, which the US says was probably caused by a missile fired by the insurgents, has helped harden attitudes against Russia. Both the rebels & Russia blame Ukrainian forces. A team of more than 100 intl police & forensic experts returned to the crash site for a 4th day, continuing the search for remains of the 298 victims (2/3 of them Dutch). The team found more human remains on the first 2 days of their search to add to those already transported back to the Netherlands in 227 coffins.
Ukraine Sees Victory as Fighting Disrupts Crash Search
Stocks rose, after the biggest weekly loss in 2 years, as Portugal announced a bailout for a troubled bank & Bershire-Hathaway (BRK.A) reported favorable earnings, sending the stock up $5600. Following a barrage of selling last week, some buying was to be expected. The decline for stocks received the bulk of attention, but junk bond funds (stocks with high yields) also has a terrible week. Drops of 4-5% were common where moves are usually are measured in pennies. The appetite for risk was reduced. Intl headwinds are affecting the stock market & earnings are not good enough to make a difference.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLU14.NYM | ....Crude Oil Sep 14 | ....98.41 |  ...0.53 | (0.5%) |
US banks eased lending requirements amid a widespread increase in demand during Q2, according to a Federal Reserve (FED) survey. “Survey results showed a continued easing of lending standards and terms for many types of loan categories amid a broad-based pickup in loan demand,” the FED said in its quarterly survey of senior loan officers. Record lending by US banks has helped the economy rebound from a Q1 brought on by harsh winter weather. Employers added more than 200K jobs for a 6th straight month in Jul. The last time that occurred was 1997. “Domestic banks generally continued to ease their lending standards and various terms for commercial and industrial loans,” the FED said. Financial institutions “also reported having eased standards on most types of commercial real estate loans on balance.” Most consumer lending didn’t change. While “many banks reported having eased standards for prime residential real estate loans, respondents generally indicated little change in standards and terms for other types of loans to households.” “A significant fraction” of banks experienced higher demand for commercial and industrial loans, & more banks reported stronger demand for commercial real estate loans as well. “Moderate fractions” of banks reported increased demand for credit card, auto & other consumer loans. Even with the lending increases, Janet Yellen said tight credit has caused the housing recovery to be slow. “It is difficult for any homeowner who doesn’t have pristine credit these days to get a mortgage,” she said in Jun. In its Beige Book report of regional anecdotal information, the FED said Jul 16 that loan demand increased across the US, with lenders in Richmond noting easing terms for “well-qualified commercial and industrial borrowers,” & competition in Philadelphia & Chicago regions prompting “some financial institutions to take on higher credit risks.”
Fed Says Banks Eased Loan Standards Amid Broad Pickup in Demand
Israel military said today it was on course to destroy within hours all known tunnels in the Gaza Strip, meeting one of its stated objectives for an offensive ending its 4th week. Gaza militant groups reported progress toward a 72-hour truce, but Israel had no comment. “We destroyed all the tunnels we knew of,” Major General Sami Turgeman, head of Israel’s southern command, said. “All the tunnels we discovered in the course of the operation, we destroyed. In the next few hours, we’ll complete the tunnel operation.” The Gaza offensive, which Israel says is also intended to quash rocket salvoes, has been the deadliest in the territory since Israeli settlers & soldiers left in 2005. Over 1800 Palestinians have been killed, including hundreds of civilians, according to a Gaza Health Ministry spokesman. 67 have been killed on the Israeli side, 64 of them soldiers. While Israel has been reducing troop levels, the violence hasn’t let up. Al-Qedra’s ministry said that an 8-year-old girl was killed in an Israeli airstrike on Gaza City. The driver of a construction excavator, identified by police as an east Jerusalem Palestinian, was shot dead by an officer after he rammed his vehicle into a bus, overturning it. As he charged toward the bus, the assailant ran over a man in the street, killing him, while the bus driver & 5 pedestrians were hurt when the vehicle was flipped on its side. An hour later, a man was shot the city’s Hebrew University by an assailant on a motorbike. Jerusalem Mayor Nir Barkat said the man who was shot was a soldier. The violence in Jerusalem, which had been largely calm since fighting began escalated on Jul 8, came during a 7-hour period when Israel held its fire in parts of Gaza to allow for humanitarian relief. US, Palestinian & Egyptian envoys are meeting in Cairo in search of an end to the 3rd major conflict between Israel & Gaza militants in less than 6 years. Israel isn’t sending anyone, saying Hamas has undermined previous truce efforts, a charge the group levels at Israel.
Israel Says Tunnel Campaign Over Within Hours Amid Truce Reports
Ukraine’s defense minister said he’s confident victory over pro-Russian separatists is close as fighting disrupted an intl team searching the wreckage of the Malaysian airliner downed over the rebel-held east. “Our forces are in an offensive phase,” the minister, Valeriy Geletey, said. “I am sure, 100 percent, just like every person in the Ukrainian armed forces, there will be victory, and very soon.” The army took control of Yasynuvata, about 12 miles from central Donetsk, cutting the access for rebels to roads from the north, a military spokesman said. 5 Ukrainian soldiers died & 14 were wounded in the past 24 hours. Ukraine’s armed forces are pressing ahead with their offensive after the US & EU increased pressure on Russian pres Putin over his backing for the rebels with an expansion of sanctions. The downing of Malaysian MH17 on Jul 17, which the US says was probably caused by a missile fired by the insurgents, has helped harden attitudes against Russia. Both the rebels & Russia blame Ukrainian forces. A team of more than 100 intl police & forensic experts returned to the crash site for a 4th day, continuing the search for remains of the 298 victims (2/3 of them Dutch). The team found more human remains on the first 2 days of their search to add to those already transported back to the Netherlands in 227 coffins.
Ukraine Sees Victory as Fighting Disrupts Crash Search
Stocks rose, after the biggest weekly loss in 2 years, as Portugal announced a bailout for a troubled bank & Bershire-Hathaway (BRK.A) reported favorable earnings, sending the stock up $5600. Following a barrage of selling last week, some buying was to be expected. The decline for stocks received the bulk of attention, but junk bond funds (stocks with high yields) also has a terrible week. Drops of 4-5% were common where moves are usually are measured in pennies. The appetite for risk was reduced. Intl headwinds are affecting the stock market & earnings are not good enough to make a difference.
Dow Jones Industrials
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