Last week was one of the quietest weeks of the year in the stock averages with the DJIA trading in a range of 26062 to 26437 and closing the week at 26,412. Of course on Friday the big lift was from 1 stock–The Walt Disney Company which rose almost 12%. In previous weeks it has been Boeing which has moved the DJIA around–we will no longer use the DJIA as representative of “stocks” and instead will go to the SP500.
The SP500 traded in a range of 2873 to 2907 which leaves the average just about 1% off a 52 week high and all time high.
The 10 year treasury traded in a range of 2.46% all the way up to 2.56% which was the Friday close.
The FED balance sheet rose in assets by $2 billion last week to a current level of $3.936 trillion the 1st increase since the week ending 3/8.
The average preferred stock and baby bond closed last week at $24.67 which is a fall of 5 cents over the previous week. Reflecting this slight move lower is that there are 245 preferreds and baby bonds trading at $25/share or lower (compared to 226 the week before).
Last week we had only lodging REIT Sotherly Hotels (NASDAQ:SOHO) announce a new fixed rate preferred issue with a coupon of 8.25%. The issue is now trading on the OTC Grey market under ticker SOHEP and last traded at $25.10.
As we had mentioned last week we would be more than happy to see a small setback in preferreds and baby bonds this week as we have cash to deploy.