Stocks slip on improved jobless data

noreply@blogger.com (Avi) — Thu, 12 Nov 2009 08:37:21 PST

Dow fell 48 decliners over advancers 5-2 & NAZ was off 7. Banks were soft, the Financial Index went below 200.

S&P 500 FINANCIALS INDEX

Value
198.83

Change
-2.38

% Change
-1.2%

High yields were sliding. The MLP index was off pennies still in the 259s & the Dow Jones REIT Index fell 1. Junk bond finds were flattish near their 2009 highs. The yield on the 10 year Treasury bond was off 1 basis point to 3.46%. Not a lot happening here.

Alerian MLP Index --- 2 weeks

Dow Jones REIT Index --- 2 weeks

Oil is lower ahead of the weekly inventory report (delayed one day because of the holiday). Gold is not showing a new price, still at 1114.

CLZ09.NYM

...Crude Oil Dec 09

...77.68

... 1.60
.......(2.0%)

Claims for unemployment insurance fell more than expected last week. First-time claims for jobless benefits dropped to 502K from an upwardly revised 514K in the prior week, the fewest claims since Jan 3 & below estimates. The 4-week average dropped to 519K, the lowest in almost a year & has fallen by more than 20% since its spring peak. The number continuing to claim benefits dropped by 139K to 5.6M, also below estimates.

•Initial Jobless Claims in U.S. Fall More Than Estimated to a 10-Month Low

Weekly Jobless claims - 52 weeks

Number Receiving Benefits - 52 weeks

Jobless Rate (%) - 1 year

Wal-Mart (WMT), Dow stock & Dividend Aristocrat, reported profits in the last qtr rose 3% due to cost cutting & the outlook for Q4 was little changed. Same store sales fell 0.4% in the qtr as tougher times are reaching WMT. The report was viewed as a mixed bag but the stock was up 43¢.

Walmart Profit Rises 3.2%, Sales to Be Little Changed

Wal-Mart --- 1 year

This is turning out to be a quiet day as may be the case tomorrow. Favorable unemployment news drew little response, probably because the dreary unemployment rate over 10% overhangs the markets. Also a mixed & unclear message from WMT was not encouraging.

Dow Jones Industrials --- 2 weeks

VerySmartInvesting

Stocks slip on improved jobless data