Dow rose 227, advancers over decliners about 4-1 & NAZ gained 198. The MLP index added 2+ to the 173s & the REIT index went up 2+ to the 427s. Junk bond funds continued higher & Treasuries were being sold while stocks rallied. Oil climbed into the 62s & gold lost 6 to 1772 (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Home sales continue to skyrocket as more Americans invest in their living spaces post-pandemic despite low inventory. The Census Bureau & the Dept of Housing & Urban Development reported a 20.7% increase on sales of new single-family houses at a seasonally
adjusted annual rate of 1.02M units up from 846K in Feb.
Home sales skyrocketed 66.8% above the Mar 2020 estimate of 612K
home sales when the pandemic. Buyers
continue to heat up the real estate market across the country amid low
housing inventory with home prices continuing to surge. The median sales
price of new houses sold in Mar 2021 was $330K & the average
sales price was $398K, up from an average of $346K in Jan. "Consumers are facing much higher home prices, rising mortgage rates,
and falling affordability, however, buyers are still actively in the
market," Lawrence Yun, chief economist at the National Association of
Relator’s said. Hopeful homeowners are bidding over the asking prices for homes in the
ultra-competitive market, dropping contingencies for home inspections & appraisals, & even pushing the closing dates up to within a 30-day
time frame to stay competitive. And buyers who act & close fast
seem to be sealing the deals. About 18% of offers are waiving the
appraisal & 13% that bypassed home inspection contingencies were
successful between Sep 2020 & Feb 2021.
U.S. home sales increase nearly 21% for March amid continued seller's market
The rate of daily Covid vaccinations reported administered in the US dipped below 3M for the first time in weeks, according to data from the Centers for Disease Control & Prevention (CDC). At the same time, more states crossed the halfway point for residents with at least one shot. The US is averaging 2.9M reported shots per day over the past week, CDC data shows. The daily average had held above 3M for more than 2 weeks straight, hitting a peak of 3.4M reported shots per day on Apr 13. One reason for this slight dip may be the ongoing halt in Johnson & Johnson (JNJ) vaccinations, which the Food & Drug Administration advised states to suspend earlier this month “out of an abundance of caution” after 6 women developed a rare blood clotting disorder. The JNJ shot makes up less than 4% of the 219M total doses administered in the US to date. But the single-shot option had proven particularly useful in certain communities that have difficulty accessing vaccination sites multiple times, & was being used for an average of 425K reported shots per day at peak levels in mid-Apr. About 40% of the US population has received one or more vaccine shots & more than a qtr is fully vaccinated. Among seniors, more than 81% have received at least one dose. The US is reporting nearly 62K new coronavirus infections per day, based on a 7-day average of data compiled by Johns Hopkins University. That level is above the nation's most recent low point of 53K per day in late Mar, but has been trending downward over the past week. The US is reporting an average of about 700 daily Covid deaths. The nationwide death toll over the course of the pandemic has surpassed 570K.
U.S. Covid vaccinations slow as more states pass half of residents jabbed
India needs a brief but extensive lockdown to break the chain of coronavirus transmission & allow the medical community to recuperate, according to the national pres of the Indian Medical Association. The South Asian nation is going thru a disastrous 2nd wave of Covid infections. Cases began rising in Feb & in subsequent months, large crowds gathered for religious festivals & political rallies in various parts of the country, mostly without masks. There is also growing concerns about new strains of the virus that are potentially more contagious. Today, India reported 332K new cases of infections over a 24-hour period, according to gov data. For the 2nd day in a row, India reported the world's highest single-day increase in infections. “Almost all our hospital beds are full. But I still believe the infrastructure facility is good enough to cater to the needs of the people,” JS Jayalal said. So far in Apr, cases have risen significantly — India has reported more than 4M cases & at least 24 people have died. The high number of infections have exacerbated the pressure on India's medical infrastructure. Overwhelmed hospitals are turning away critically ill patients due to a shortage of beds. A severe oxygen supply shortage, partly due to uneven distribution across states, has led to the deaths of many Covid-19 patients. The gov has since diverted industrial oxygen supplies for medical use.
India reports more than 330,000 new Covid cases, setting a fresh global record
Gold futures fell to turn slightly lower for the week, as data showing a surge in new US home sales prompted a rise in Treasury yields, dulling the precious metal's investment appeal. However, the Census Bureau reported that new US home sales occurred at a seasonally-adjusted annual rate of 1.02M in Mar. The flash reading of the IHS Market US composite purchasing managers index rose to a record high 62.2 in Apr from 59.7 in Mar, suggesting both the manufacturing & services sectors are recovering rapidly from the coronavirus pandemic. Gold for Jun lost $4 to settle at $1777 an ounce...Gold prices, however, did manage to find some support this week, before today's decline, as investors looked to global COVID-19 hot spots & their potential to derail the global economic recovery from the pandemic. Today, Tokyo & Japan's 2nd largest metropolitan area of Osaka saw new business & consumer lockdowns imposed again to stem surging cases of the coronavirus.
Gold falls, turns lower for the week as surge in new home sales boosts Treasury yields
Oil futures finished higher today,
as some upbeat US economic data boosted prospects for energy demand,
but prices posted a loss for the week. Jun West
Texas Intermediate crude rose 71¢ (1.2%) to settle at $62.14 a barrel. For the week, prices lost 1.6%
Oil futures gain for the session, fall for the week
Dow was off 150 this week but is up an impressive 1060 in Apr. Earnings are coming in favorable & the bulls are happy to see the popular averages at or very near record levels.
Dow Jones Industrials
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