Dow cracks through 12,000

Markets were feeling good all day, undisturbed by unrest in the Mideast.  This is the 3rd month in a row that Dow started with a big gain on the first day of trading.  Dow rose 148 to 12,040, advancers ahead of decliners 4-1 & NAZ was up 51 (with a bigger percentage gain). There was strong buying for banks in the PM, the Financial Index is at a 9 month high .

S&P 500 FINANCIALS INDEX

Value	225.37
Change	4.67  (2.1%)

The MLP index advanced 1½ to 373.87, good enough to eke out a new record.  The REIT index rose 1 to the 232s, just below its interim high reached in Oct.  Junk bond funds were higher although little changed longer term.  Treasuries remained weak in the PM.  The yield on the 10 year Treasury bond rose 6½ basis points to 3.44%. 

Treasury yields:

U.S. 3-month		0.15%
U.S. 2-year		0.61%
U.S. 10-year		3.44%

Alerian MLP Index   ---   YTD



Dow Jones REIT Index   ---   YTD



10-Year Treasury Yield Index   ---   YTD




Oil fell back but remains near its recent $92 highs.  Gold finally found buyers & should rise further with growing tensions in the Mideast.

CLH11.NYM

...Crude Oil Mar 11

...90.68

... 1.51

(1.6%)

GCG11.CMX

...Gold Feb 11

.......1,339.00

... 5.40

(0.4%)

$$ Gold Super Cycle $$$  

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Photo:  Yahoo

Pfizer (PFE), a Dow stock & the largest pharmaceutical company in the world, reported Q4 profit nearly quadrupled from a year ago when it was weighed down by restructuring charges.  Revenue rose 6%, thanks to the addition of products from recently acquired Wyeth. These results narrowly beat expectations. Pfizer also approved a $5B stock buyback plan & is cutting spending on R&D.  EPS was 36¢, compared with 10¢ last year.  Adjusted EPS was 47¢, down 1% from a year earlier.   Revenue totaled $17.6B, up from $16.5B in 2009's Q4.  Sales of prescription drugs increased 3% to $15B while sales of veterinary medicines rose 8%, to $976M. The smaller consumer healthcare & nutrition businesses posted larger jumps, due to the addition of those Wyeth businesses.  For all of 2010, PFE reported a 4% decline to $1.02.  Revenue totaled $67.8B, up 36%, thanks to $18B from sales of Wyeth products.  PFE expects EPS of $2.16-$2.26 this year, excluding just over $1 in one-time items, & expects revenue of $66-$68B.  The stock gained $1 to 19.22, its biggest gain in a long time.

Pfizer 4Q profit beats views as revenue up 6 pctAP

Pfizer   ---   1 year

Photo:  Bloomberg

US sales for General Motors (GM)  increased 22% in Jan, topping estimates.  But Ford (F) & Chrysler missed expectations. GM deliveries in Jan rose to 179K vehicles from 147K last year.  Industrywide deliveries may have reached the 2nd-fastest pace in 17 months with a seasonally adjusted 12.4M vehicle annual rate in Jan, rebounding from 11.6M vehicles last year  Chevrolet deliveries gained 19% to 125K vehicles. Sales of the Equinox small SUV climbed 35% to 13K & deliveries of the new Chevrolet Cruze compact, which is replacing the Cobalt, rose 25% from Dec to 14K.  The stock slipped 4¢ to 36.45.

GM's January Sales Gain 22%, Topping Estimates

General Motors   ---   3 months




Dow finally did it & topped 12K.  Bulls are back in command.& looking to take it higher.  But watch Egypt & the rest of the Mideast.  Nobody really knows what's going on, the chaos may increase.  In the meantime, the big jobs report is due on Fri which will give more dreary unemployment numbers. 

Dow Jones Industrials   ---   YTD

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