Market Update Report 12/2/2013 | Beacon Rock Wealth Advisors

The KUIK Market Update for Monday, December 2:

Markets are mixed.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(29)	points	16,054	8:01 AM
S&P500	Up	0.05%	percent	1,807		0.87
Nasdaq Composite	Up	0.04%	percent	4,061		1.45
30 Year Treasury	Up	3	Basis Points	3.84	Annual Yield

The Institute for Supply Management’s manufacturing index climbed to 57.3% from 56.4% in October, reaching the highest level since April 2011. Economists expected 55. Above 50 indicates expansion. That good PMI raises the chances of the Fed cutting back on its bond buying.

The U.S. Supreme Court stayed out of the multibillion-dollar fight over Internet sales taxes, leaving intact a New York law that forces Amazon.com to collect money from customers in that state. The justices today rejected appeals by Amazon and Overstock.com which said New York is violating the Constitution by demanding tax collection from companies that don’t have facilities there. New York’s top court upheld the state law.

The Commerce Department reports outlays for U.S. construction projects rose in October after falling in September. The government released two months of data because of delays caused by the federal government shutdown. Construction spending rose 0.8% in October to an annualized rate of $908.4 billion. Analysts had expected a 0.5% gain. This follows a 0.3% decline in September. In October, spending on public construction jumped 3.9%, offsetting declines in the private sector. Residential construction fell 0.6% in October.



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

http://www.marketwatch.com/story/ism-manufacturing-index-hits-more-than-2-year-high-2013-12-02?dist=lcountdown
http://www.bloomberg.com/news/2013-12-02/amazon-rejected-by-u-s-high-court-on-new-york-sales-tax.html
http://www.marketwatch.com/story/us-construction-spending-up-in-october-2013-12-02


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