Dow sank 291 (but off the lows), decliners over advancers 5-4 & NAZ was off 90. The MLP index fell 2 to just above 450 & the REIT index was fractionally lower to the 355s (near its record highs). Junk bond funds were mixed & Treasuries rose. Oil went up but still below 46 & gold rose without reaching 1300. Procter & Gamble (PG), a Dow stock & Dividend Aristocrat, lost 3.10 to the 86s on its earnings report. Lockheed (LMT) dropped 4.88 to below 191 on its earnings report.
Earnings are dreary & the multi nationals are feeling the negative effects of the strong dollar. Low priced oil has not been much help. The breadth of companies with disappointing earnings is significant. Jan is an unhappy time for investors, like last year. Tomorrow is decision day for the FOMC. Nobody expects major changes but there is always the chance of a hint about raising rates.
AMJ (Alerian MLP Index tracking fund)
Dow Jones Industrials
Earnings are dreary & the multi nationals are feeling the negative effects of the strong dollar. Low priced oil has not been much help. The breadth of companies with disappointing earnings is significant. Jan is an unhappy time for investors, like last year. Tomorrow is decision day for the FOMC. Nobody expects major changes but there is always the chance of a hint about raising rates.
AMJ (Alerian MLP Index tracking fund)
Dow Jones Industrials
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