Dow jumped up 170, advancers over decliners 2-1 & NAZ gained 95. The MLP index went up 1 to the 259s & the REIT index was fractionally lower to the 321s. Junk bond funds were little changed & Treasury yields fell, taking the yield on the 10 year Treasury under 3%. Oil inched higher in the 68s & gold lost 3 to 1319.
AMJ (Alerian MLP Index tracking fund)
CL=F
GC=F
Equities rose as strong tech earnings, helping to ease concern about the prospects for growth. The yield on 10-year Treasuries fell below 3% & the $ pulled back from a 3-month high. In Europe, the common currency fluctuated after the central kept interest rates unchanged & ECB Pres Mario Draghi said growth in the euro area is expected to remain solid, albeit with some moderation. European bonds tracked the jump in Treasuries, while the Stoxx Europe 600 Index headed for its first increase in 3 days. Earlier in Asia, shares in Korea & Japan rose as those in China & Hong Kong fell. With the earnings season in full swing, investors are confronting the question of whether global equities will be able to cope with higher interest rates. Signs of optimism are helping offset pockets of concern around technology & industrial companies that have weighed on gauges this month. Elsewhere, aluminum climbed. Oleg Deripaska plans to keep control of United Co Rusal even as the Russian aluminum giant battles for survival in the face of harsh US sanctions West Texas crude extended an advance above $68 a barrel as French Pres Macron predicted Pres Trump will withdraw from the Iran nuclear deal, casting a cloud over Middle East geopolitics.
US filings for unemployment benefits plunged to the lowest level since 1969, mainly reflecting the return of educational service workers in NY state, figures showed. Jobless claims decreased 24K to 209K (est 230K). The 4-week average of initial claims, a less-volatile measure than the weekly figure, dropped to 229K from the prior week's 231K. Claims in NY state plunged 18K on an unadjusted basis after surging 15K in the previous week. The figures reflect seasonal volatility surrounding spring break, with educational service workers including cafeteria workers & bus drivers returning after filing claims in the prior period. Stripping through this latest volatility, companies continue to say they're struggling to find employees with the right mix of skills, with several regional manufacturing surveys this month showing a low availability. It's prompting employers to retain staff. While the week-to-week numbers tend to be volatile, unemployment-benefits applications below the 300K tally are considered consistent with a healthy labor market. Continuing claims declined 29K to 1.84M in the latest week. The unemployment rate among people eligible for benefits held at 1.3%.
U.S. Jobless Claims Slump on Return of New York School Workers
This is a rebound day for stocks although nothing dramatic is going on in the market.. Tech earnings look good, but these reports vary from one day to the next. The Dow continues to stay near 24K as it has done for 3 months. At the macro level, trade deals are going nowhere fast, as is typical when countries negotiate how to make substantial changes in intl trade.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
CL=F
| Crude Oil | 68.31 | +0.26 | +0.4% |
GC=F
| Gold | 1,323.70 | +0.90 | +0.1% |
Equities rose as strong tech earnings, helping to ease concern about the prospects for growth. The yield on 10-year Treasuries fell below 3% & the $ pulled back from a 3-month high. In Europe, the common currency fluctuated after the central kept interest rates unchanged & ECB Pres Mario Draghi said growth in the euro area is expected to remain solid, albeit with some moderation. European bonds tracked the jump in Treasuries, while the Stoxx Europe 600 Index headed for its first increase in 3 days. Earlier in Asia, shares in Korea & Japan rose as those in China & Hong Kong fell. With the earnings season in full swing, investors are confronting the question of whether global equities will be able to cope with higher interest rates. Signs of optimism are helping offset pockets of concern around technology & industrial companies that have weighed on gauges this month. Elsewhere, aluminum climbed. Oleg Deripaska plans to keep control of United Co Rusal even as the Russian aluminum giant battles for survival in the face of harsh US sanctions West Texas crude extended an advance above $68 a barrel as French Pres Macron predicted Pres Trump will withdraw from the Iran nuclear deal, casting a cloud over Middle East geopolitics.
Stocks Advance as Results Roll In; Treasuries Jump: Markets Wrap
US filings for unemployment benefits plunged to the lowest level since 1969, mainly reflecting the return of educational service workers in NY state, figures showed. Jobless claims decreased 24K to 209K (est 230K). The 4-week average of initial claims, a less-volatile measure than the weekly figure, dropped to 229K from the prior week's 231K. Claims in NY state plunged 18K on an unadjusted basis after surging 15K in the previous week. The figures reflect seasonal volatility surrounding spring break, with educational service workers including cafeteria workers & bus drivers returning after filing claims in the prior period. Stripping through this latest volatility, companies continue to say they're struggling to find employees with the right mix of skills, with several regional manufacturing surveys this month showing a low availability. It's prompting employers to retain staff. While the week-to-week numbers tend to be volatile, unemployment-benefits applications below the 300K tally are considered consistent with a healthy labor market. Continuing claims declined 29K to 1.84M in the latest week. The unemployment rate among people eligible for benefits held at 1.3%.
U.S. Jobless Claims Slump on Return of New York School Workers
Orders for long-lasting manufactured goods rose
2.6% in Mar, but a key category that tracks business investment
spending fell for the 3rd month out of the past 4. The
big rise in orders for durable goods, which followed an even bigger 3.5% advance in Feb, was driven by a surge in demand for
commercial aircraft, the Commerce Dept reported. Airplane
orders shot up 44.5% last month. Excluding the volatile
transportation category, orders would have been flat last month after a
modest 0.9% rise in Feb. American
industry has benefited from stronger global growth & a drop in the $ that makes US products less expensive overseas. But a rebound
in demand in the key investment category seems to have stalled so far
this year. The category that follows business
investment plans edged down 0.1% in Mar after a 0.9%
increase in Feb. It was also down in Jan & Dec, raising
concerns about this important driver of economic growth. For Mar, orders for machinery fell 1.7%, while demand for computers dropped 2.6%. Orders for
primary metals such as steel did rise 1.4% & demand for
communications equipment shot up 8.2%. The
44.5% surge in orders for commercial aircraft followed a 39.1% rise in Feb after a 27.9% drop in Jan. Orders
for motor vehicles & parts edged up a slight 0.1% last month
after a strong 2% gain in Feb.
US durable goods orders up 2.6% in March
This is a rebound day for stocks although nothing dramatic is going on in the market.. Tech earnings look good, but these reports vary from one day to the next. The Dow continues to stay near 24K as it has done for 3 months. At the macro level, trade deals are going nowhere fast, as is typical when countries negotiate how to make substantial changes in intl trade.
Dow Jones Industrials
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