September 11, 2013

Morning Market Report 9/11/2013

The KUIK Morning Market Report for Wednesday, September 11:

Markets are mixed.

Index	Direction	Change	Units	Last	Time	Change
Dow	Up	42	points	15,233	7:06 AM
S&P500	Down	-0.12%	percent	1,682		(2.07)
Nasdaq Composite	Down	-0.36%	percent	3,716		(13.43)
30 Year Treasury	Down	(2)	Basis Points	3.87	Annual Yield

Apple shares fell 5% to 470.25 on rating downgrades from three Wall Street analysts. The company unveiled two new iPhone models yesterday, but analysts are concerned that the lower-priced model could be too expensive for a large volume of sales.

European stock markets extended gains as tensions in the Syria conflict eased and the unemployment rate unexpectedly dropped in the U.K. to 7.7% from 7.7%. The Stoxx Europe 600 index gained 0.3% to 310.80, on track for the highest close in more than five years.

Bloomberg reports a former Fed economist says there may another wave of productivity gains from the internet. The U.S. may be in “a pause period between the PC era and what comes next, with hand-held devices, massive connectivity and big data,” said Daniel Sichel, now a professor of economics at Wellesley College in Massachusetts. Such a second stage in innovation could lift the long-run trend growth rate of non-farm business productivity to about 2.5 percent.



Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.

http://www.marketwatch.com/story/apple-shares-fall-as-analysts-react-to-new-iphones-2013-09-11
http://www.marketwatch.com/story/european-stocks-pause-for-breath-after-rally-2013-09-11-4103855
http://www.bloomberg.com/news/2013-09-11/talking-windmills-portend-gust-of-productivity-growth-in-u-s-.html


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