Morning Market Report 7/31/2013

The KUIK Morning Market Report for Wednesday, July 31:
Markets are up.
Index Direction Change Units Last Time Change
Dow Up                     44 points           15,565 7:06 AM
S&P500 Up 0.29% percent             1,691             4.85
Nasdaq Composite Up 0.46% percent             3,634            17.00
30 Year Treasury Up                       6 Basis Points               3.73 Annual Yield
ADP reports private-sector employers added a stronger-than-expected 200,000 jobs in July, beating economists’ expectations as businesses of all sizes gained jobs in the month. Analysts expected only 185,000. 
The U.S. economy grew 1.7% in the second quarter, aided by solid consumer spending and a ramp-up in business investment, according to the Commerce Department.  Economists polled by Marketwatch expected 1%.  The Commerce Department has made changes to how it calculates gross domestic product, designed to have the data better reflect the so-called knowledge economy. The U.S. government adjusted data all the way back to 1929.  The benchmark revision takes place about twice a decade, also showed the economy grew faster in 2012 than previously estimated at 2.8% instead of vs. 2.2%. Higher consumer spending and more farm production helped improve performance.
The Federal Reserve will announce its decision on interest rates today at 11:00 am pacific time after its two day meeting.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/private-sector-adds-200000-jobs-in-july-2013-07-31
http://www.marketwatch.com/story/us-economy-grows-17-in-second-quarter-2013-07-31
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