Thursday, September 22, 2016

Markets extend Janet Yellen rally

Dow climbed 98, advancers over decliners 5-1 & NAZ advanced 44.  The MLP index gained 5+ to the 314s & the REIT index rose 6+ to the 361s.  Junk bond funds moved higher & Treasuries also had a good advance.  Oil is back in the 46s (see below) & gold went up to 1341.

AMJ (Alerian MLP Index tracking fund)

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Crude Oil Nov 16

Live 24 hours gold chart [Kitco Inc.]

Oil climbed to a 2-week high after rival OPEC members Saudi Arabia & Iran met a week before the organization holds talks in Algeria.  Futures rose as much as 2.6%.  Officials from Saudi Arabia & Iran, whose rivalry derailed  an oil supply accord earlier this year, along with fellow OPEC member Qatar, met in Vienna.  Oil extended gains as equities advanced & the $ fell.  US crude supplies dropped to the lowest since Feb, trimming stockpiles that remain at the highest seasonal level in at least 3 decades, government data showed.

Spending on things like candy, decorations & costumes for Halloween is expected to reach $8.4B this year, according to the National Retail Federation, the highest in the organization's survey history.  Americans are expected to spend an average of $82.93, up from $74.34 last year.  Shoppers plan to spend $3.1B on costumes, $2.5B on candy, $2.4B on decorations & $390M on greeting cards.  Nearly ½ of consumers (47%) said they'll go to discount stores for Halloween goods, while 36% said they'd go to a Halloween specialty store, 26% will go to supermarkets, 23% will shop in department stores & 22% said they'll shop online.  The survey polled 6791 shoppers between Sep 6-13.

Halloween Spending Expected To Reach $8.4 Billion, The Most In NRF Survey History

Boeing, a Dow stock, is still studying whether to build a larger version of its best-selling 737 aircraft to counter runaway sales by rival Airbus of a large version of its competing plane.  The company has not made a decision yet to build the larger jet, dubbed the 737 MAX 10, said Michael Teal, VP & chief project engineer of the 737 MAX program. The stock went up 1.31.  If you would like to learn more about BA, click on this link:

Boeing still studying larger 737 max 10 to enter service after 2019

Boeing (BA)

Dow is up 200 since Janet said she would leave interest rates alone.  Now it's closing in on setting a new record although today it slid lower after reaching its highs early in the session.  Sounds good, but Treasuries & gold are also up on bets that stock traders got it wrong.  Q3 earnings are around the corner & they may not be good enough to get Dow to new record highs.

Dow Jones Industrials

stock chart 


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