After being higher all day, Dow ended with a gain of only 19, advancers over decliners 3-2 & NAZ fell 1. Bank stocks eked out gains, taking the Financial Index up 1 to 201½. The MLP index recovered 3+ to the 384s (still down 5 YTD) & the REIT index was even in the 259s. Junk bond funds slipped a tad & Treasuries fell & Treasuries dropped, raising their interest rates. Oil & gold inched higher.
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Evangelos Venizelos
Photo: Bloomberg
Evangelos Venizelos, the socialist Pasok leader & former finance minister in Greece, said he saw the first “good omen” in 4 days of attempts to form a coalition gov that would avert a new election. He spoke after Democratic Left leader Fotis Kouvelis outlined a proposal for a unity gov that will work to keep the country in the euro & the EU while negotiating a gradual “disengagement” from bailout austerity measures. “Our views are very close,” Venizelos said after meeting with Kouvelis. The standoff has reignited European concerns over Greece's ability to hold to terms of its 2 bailouts negotiated in the last 2 years. Kouvelis said the unity gov would last until elections in 2014 & called on all parties to support his proposal. Venizelos, who received the mandate to form a gov, will meet with other party leaders tomorrow to discuss the plan. Syriza party leader Alexis Tsipras, whose party came 2nd, failed to reach a deal with other leaders after giving them an ultimatum to renounce support for the EU-led rescue in order to enter gov. The Greek drama plays on.
Greek Government Mandate Passes to Venizelos’s Pasok
The US gov took in more money than it spent in Apr, the first monthly surplus in nearly 4 years. But that black ink won't last. The federal gov is on track to exceed a $1T deficit for the 4th straight year, keeping the contentious issue front and center during the presidential election. The Treasury Dept said that the deficit totaled $719B thru the first 7 months of the budget year, which began Oct 1, $150B lower than a year ago (but still large by historical standards). For Apr, the gov recorded a surplus of $59B, not unusual for this time of year, given that annual tax returns are due. This marks the first Apr surplus since the 2008 financial crisis, a sign that the economy is healthier & producing more tax revenue. Even with that improvement, the Congressional Budget Office is forecasting the deficit will total $1.17T for fiscal 2012, not much better than the $1.3T deficit last year. There are different budget proposals to balance the budget, but they only represent talk at this stage. The gov last recorded a surplus in 2001.
U.S. Posted Budget Surplus of $59.1 Billion in April
Photo: Bloomberg
Mortgage rates in the US declined for a 3rd week, reaching record lows as the housing market shows signs of stabilizing. The average rate for a 30-year fixed loan fell to 3.83% in the current week, the lowest since data was first collected in 1971. The average 15-year rate dropped to 3.05%, also the lowest on record.
Here's a look at rates for fixed- & adjustable-rate mortgages over the past 52 weeks:
Mortgage Rates in U.S. Decline to Lowest on Record With 30-Year at 3.83%
The breadth of the markets was better than the popular averages indicate. The only major movers in the Dow were Chevron (CVX) with a 1.35 gain while Cisco (CSCO) fell 1.98 (10%) on its dismal report. The Greek situation is getting a lot of attention & that is very fluid, to say the least. Dow ended 76 below its early AM high with most of the selling in the last 2 hours. Dow started the week at just over 13K & in 4 days lost 150. The stock market continues to struggle, looking for its footing.
JPMorgan Chase Capital XVI (AMJ)
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Treasury yields:
U.S. 3-month | 0.092% | |
U.S. 2-year | 0.262% | |
U.S. 10-year | 1.886% |
| CLM12.NYM | ...Crude Oil Jun 12 | ...97.14 | ... 0.33 | (0.3%) |
Photo: Bloomberg
Evangelos Venizelos, the socialist Pasok leader & former finance minister in Greece, said he saw the first “good omen” in 4 days of attempts to form a coalition gov that would avert a new election. He spoke after Democratic Left leader Fotis Kouvelis outlined a proposal for a unity gov that will work to keep the country in the euro & the EU while negotiating a gradual “disengagement” from bailout austerity measures. “Our views are very close,” Venizelos said after meeting with Kouvelis. The standoff has reignited European concerns over Greece's ability to hold to terms of its 2 bailouts negotiated in the last 2 years. Kouvelis said the unity gov would last until elections in 2014 & called on all parties to support his proposal. Venizelos, who received the mandate to form a gov, will meet with other party leaders tomorrow to discuss the plan. Syriza party leader Alexis Tsipras, whose party came 2nd, failed to reach a deal with other leaders after giving them an ultimatum to renounce support for the EU-led rescue in order to enter gov. The Greek drama plays on.
Greek Government Mandate Passes to Venizelos’s Pasok
The US gov took in more money than it spent in Apr, the first monthly surplus in nearly 4 years. But that black ink won't last. The federal gov is on track to exceed a $1T deficit for the 4th straight year, keeping the contentious issue front and center during the presidential election. The Treasury Dept said that the deficit totaled $719B thru the first 7 months of the budget year, which began Oct 1, $150B lower than a year ago (but still large by historical standards). For Apr, the gov recorded a surplus of $59B, not unusual for this time of year, given that annual tax returns are due. This marks the first Apr surplus since the 2008 financial crisis, a sign that the economy is healthier & producing more tax revenue. Even with that improvement, the Congressional Budget Office is forecasting the deficit will total $1.17T for fiscal 2012, not much better than the $1.3T deficit last year. There are different budget proposals to balance the budget, but they only represent talk at this stage. The gov last recorded a surplus in 2001.
U.S. Posted Budget Surplus of $59.1 Billion in April
Mortgage rates in the US declined for a 3rd week, reaching record lows as the housing market shows signs of stabilizing. The average rate for a 30-year fixed loan fell to 3.83% in the current week, the lowest since data was first collected in 1971. The average 15-year rate dropped to 3.05%, also the lowest on record.
Here's a look at rates for fixed- & adjustable-rate mortgages over the past 52 weeks:
| Current avg. | Last week | 52-week high | 52-week low | |
| 30-year fixed | 3.83% | 3.84% | 4.63% | 3.83% |
| 15-year fixed | 3.05 | 3.07 | 3.82 | 3.05 |
| 5-yr adjustable | 2.81 | 2.85 | 3.48 | 2.78 |
| 1-yr adjustable | 2.73 | 2.70 | 3.15 | 2.70 |
| . | ||||
| Source: Freddie Mac Primary Mortgage Market Survey |
Mortgage Rates in U.S. Decline to Lowest on Record With 30-Year at 3.83%
The breadth of the markets was better than the popular averages indicate. The only major movers in the Dow were Chevron (CVX) with a 1.35 gain while Cisco (CSCO) fell 1.98 (10%) on its dismal report. The Greek situation is getting a lot of attention & that is very fluid, to say the least. Dow ended 76 below its early AM high with most of the selling in the last 2 hours. Dow started the week at just over 13K & in 4 days lost 150. The stock market continues to struggle, looking for its footing.
Dow Industrials
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