The S&P 500 FINANCIALS INDEX is crawling up from the depths, helped by major big bank CEOs giving pep talks to investors.
| Value 101.06 | Change 1.92 | % Change 1.9% |
The high yield sector was up. The Alerian MLP index broke back into the black for 2009.
Alerian MLP Index ---- YTD
Oil rose on stronger stock markets & a rise in inventories last week. The fall to sub 40 was halted for the time being.
| CLJ09.NYM | ...Crude Oil Apr 09 | ...44.10 | ... 1.77 .......4.2%) |
New claims for unemployment benefits rose modestly last week to 654K, bringing the number receiving benefits to 5.3M (the highest since record keeping began in 1967). The 4 week average of new claims reached 650K, another grim reminder of how bad the recession is biting.
The figures for retail sales were less bleak than feared. Purchases (really sales) were up 0.1% after Jan figures were revised upward. Excluding automobiles, purchases were up 0.7% giving an indication the the numbers may be bottoming out as discounting by retailers is drawing customers. However, dismal unemployment data can limit further increases.
•Retail Sales in U.S. Decrease Less Than Forecast in Sign of Stabilization
Bernie Madoff pleaded guilty to federal criminal charges & is awaiting sentencing by the judge.
•Madoff Tells Judge He Wants to Plead Guilty in Biggest-Ever Ponzi Scheme
There was very little coverage about the pres signing the bill for massive gov spending thru Sep 30. It's filled with pork, many don't want to hear about it. But unlimited gov spending, spend today & tomorrow will take of itself, philosophy is not received well on Wall Street. Now the pres will crack down on future pet projects. Swell!
Obama Signs Spending Bill as He Seeks Earmarks Curb
Markets are absorbing negative news well, the Dow is making an assault on the 7K ceiling. However banks only have a modest gain after the big run up in the last 3 days. Strong markets need bank stocks to lead.
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