Dow went up 31, advancers over decliners 2-1 & NAZ added 65. The MLP index gained 1+ to the 175s & the REIT index rose 3 to 430, close to its record 13 months ago. Junk bond funds drifted lower & Treasuries were slightly higher. Oil slid back to the 61s & gold inched up 1 to 1778.
AMJ (Alerian MLP index tracking fund)
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Orders for durable goods, big-ticket items that last at least 3
years, returned to growth in Mar, boosting investor confidence that
the US economy continues to recover from its sharpest slowdown of the
post-World War II era. New orders for manufactured goods increased $1.4B (0.5%) to $256B, the Census Bureau said. The forecast expected a 2.3% rise. Orders for non-defense capital goods excluding aircraft, an indicator of business spending plans, rose 0.9% month over month, bouncing back from a 0.8% decline in Feb when winter storms snarled economic activity across Texas & other southern states. Core capital goods orders spiked 10.4% from a year ago. Meanwhile, shipments of computers & electronic products slipped 0.1% last month & motor vehicle shipments increased 5.8%, indicating the economy is weathering the global chip shortage. The report was the latest to show the resilience of the economy. Recent reports have shown record retail sales & factories operating at levels not seen in years.
Durable goods orders miss as supply shortages stall comeback
The global tally for the coronavirus-borne illness rose above 147M, as the death toll increased to 3.1M, according to Johns Hopkins University. The US continues to lead the world in cases & deaths by wide margins, with 32M cases, or more than a 5th of the global total, & 572K deaths. The US added 58K cases yesterday, while new deaths came to at least 707. The US vaccine program is making progress with the CDC's vaccine tracker showing 28.5% of the population was fully vaccinated & 42.2% had received at least one shot. Globally, more than 1B doses have been administered, but poorer countries are lagging richer ones as they hog supply. India is 2nd to the US by cases at 17.3M & is recording more than a 3rd of all new cases globally each day, or an average of more than 260K daily in the last week. India has suffered 195K deaths (the 4th-highest in the world) although those numbers are understood to be under-reported. Hospitals are overwhelmed & running out of crucial supplies, including oxygen. Brazil is 3rd with 14.3M cases & 2nd by fatalities at 391K. Mexico has the 3rd-highest death toll at 215K & 2.3M cases, or 15th highest tally. The UK has 4.4M cases & 128K deaths, the 5th-highest in the world & highest in Europe.
Global cases of COVID-19 top 147 million as India continues to set daily case records
Treasury yields rose slightly ahead of the Federal Reserve's policy meeting & inflation data, due out later in the week. The yield on the benchmark 10-year Treasury note rose 4 basis points to 1.6% & the yield on the 30-year Treasury bond climbed 3 basis points to 2.27%. Yields move inversely to prices. The Fed will meet on Tues & Wed, with investors watching for any indications on the future direction of the central bank’s policy. Auctions will be held today for $57B of 13-week bills, $54B of 26-week bills, $60B of 2-year notes & $61B of 5-year notes.
10-year Treasury yield rises to 1.6% to start the week
The gov GDP forecast for Q1 will be announced on Thurs & it should be glowing, maybe showing growth around 6%. Meanwhile a lot of earnings will be reported & they are expected to be encouraging for investors.
Dow Jones Industrials
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