Market Update Report 10/3/2013

October 3, 2013
The KUIK Market Update for Thursday, October 3:
Markets are down.
Index Direction Change Units Last Time Change
Dow Down                   (124) points           15,010 7:59 AM
S&P500 Down -0.85% percent             1,679           (14.44)
Nasdaq Composite Down -0.82% percent             3,784           (31.19)
30 Year Treasury Down                      (2) Basis Points               3.69 Annual Yield
A meeting between President Obama and congressional leaders ended Wednesday night with no deal to re-open the U.S. government. House Speaker John Boehner told reporters that Obama repeated he wouldn’t negotiate about passing a funding bill. With the Senate in recess tdoay, the stalemate and government shutdown will continue for a third day.  The Treasury Department issued a warning today on the debt-ceiling saying If Congress does not raise the debt limit and the U.S. defaults on its obligations, that would be “catastrophic” for financial markets and the economy.
The Labor Department reported new applications for unemployment benefits edged up by 1,000 to 308,000 in the week ended Sept. 28, but layoffs iare still at post-recession lows. Economists expected a seasonably adjusted rise to 313,000. The average of new claims over the past month, , fell by 3,750 to 305,000, lowest level since May 2007.
The Institute for Supply Management said Thursday its services index fell to a reading of 54.4% in September from 58.6% in August. That’s below the 57.5% seen in a MarketWatch-compiled economist poll. The employment index fell 4.3 points to 52.7%. Above 50% indicates expansion. 
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/white-house-meeting-ends-without-deal-2013-10-02
http://www.marketwatch.com/story/us-jobless-claims-rise-slightly-to-308000-2013-10-03
http://www.marketwatch.com/story/ism-services-index-says-growth-slowed-in-september-2013-10-03
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