| The KUIK Market Update for Wednesday, April 17: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (138) | points | 14,620 | 7:22 AM | ||
| S&P500 | Down | -1.24% | percent | 1,555 | (19.59) | points | |
| Nasdaq Composite | Down | -1.60% | percent | 3,212 | (52.24) | points | |
| 30 Year Treasury | Down | (2) | Basis Points | 2.89 | Annual Yield | ||
| Bank of America Corp. reported first-quarter profits of $2.62 billion which disappointed analysts. B. of A.‘s first quarter saw improved brokerage income, higher investment banking fees, and improved credit quality. It slashed $1 billion in costs. It shed nearly 6,000 employees. Revenue rose 5.5%. But the results were weighed down by lower mortgage-banking income and lower gains on the sales of bonds. | |||||||
| Yahoo is hurting the tech sector. It fell after the Internet company forecast second-quarter sales below expectations. | |||||||
| Bloomberg reports investors are dumping gold funds at the fastest pace in two years in favor of stocks, compounding a slump that has wiped $560 billion from the value of central bank reserves. Exchange-traded products linked to gold dropped $37.2 billion in 2013 as the metal reached a two-year low yesterday. Gold funds suffered net outflows of $11.2 billion this year through April 10, the most since 2011, while global and U.S. stock funds had net inflows of $21.25 billion. Central banks have been the big loser because they hold 19% of gold mined. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/bank-of-america-struggles-in-banking-2013-04-17?link=MW_Nav_EP | |||||||
| http://www.bloomberg.com/news/2013-04-17/u-s-stock-index-futures-drop-yahoo-sinks-on-forecast.html | |||||||
| http://www.bloomberg.com/news/2013-04-17/gold-wipes-out-560-billion-from-central-banks-as-equities-rally.html | |||||||
| For today’s Market Update Report click to listen-> | |||||||