| The KUIK Market Update for Thursday, July 11: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Up | 135 | points | 15,428 | 7:57 AM | ||
| S&P500 | Up | 1.02% | percent | 1,670 | 16.89 | ||
| Nasdaq Composite | Up | 1.13% | percent | 3,561 | |||
| 30 Year Treasury | Down | (4) | Basis Points | 3.64 | Annual Yield | ||
| The Labor Department reported he number of people who applied for unemployment benefits in the first week of July jumped by 16,000 to a seasonally adjusted 360,000, the highest level in two months. Economists expected 340,000. | |||||||
| The average rate for the 30-year fixed-rate mortgage rose to 4.51% in the week ending July 11 – reaching the highest rate since July 2011 – up from 4.29% in the week before, according to Freddie Mac its weekly report. The rate has climbed more than one full percentage point since a trough in early May, a gain that analysts say could crimp the housing market’s rebound. A year ago, the 30-year rate averaged 3.56%. | |||||||
| Yesterday, Fed Chief Ben Bernanke said the central bank is in no hurry to raise short-term interest rates given the weak job market and low inflation. He defended the decision to lay out a timetable to wind down the bond-purchase plan. He said that it is too early to tell if the economy had weathered the headwinds from fiscal policy and said the U.S. still faces “significant risks.” He also said that the unemployment rate probably understates the weak condition of the labor market. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/weekly-us-jobless-claims-jump-16000-to-360000-2013-07-11 | |||||||
| http://www.marketwatch.com/story/us-import-prices-drop-02-in-june-2013-07-11 | |||||||
| http://www.marketwatch.com/story/30-year-mortgage-rate-rises-to-451-2013-07-11-109109 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||