| The KUIK Market Update for Wednesday, May 7: | |||||||
| Markets are mixed. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Up | 27 | points | 16,428 | 7:57 AM | ||
| S&P500 | Down | 0.0% | percent | 1,868 | (0.21) | ||
| Nasdaq Composite | Down | -1.1% | percent | 4,038 | (42.91) | ||
| 30 Year Treasury | Up | 2 | Basis Points | 3.40 | Annual Yield | ||
| The productivity of American businesses fell at a 1.7% annual rate from January through March, according to the Labor Department. Economists expected a seasonally adjusted 1.1% drop based on the weak growth in the first quarter. Gross domestic product expanded at a 0.1% pace due to poor weather. Hours worked climbed 2.0% in the first three months of 2014 while output of goods and services rose only 0.3%. | |||||||
| The weekly mortgage applications data from the Mortgage Bankers Association reflect a big change in the housing market: For the first time since 2009, there were more mortgage applications to purchase than refinance. The purchase index jumped 9% to the highest level since January, while the refinance index rose 2%. That puts the refinance share at 49% of activity. | |||||||
| The U.S. economy will end the year in better shape than 2013 despite the slow start to the first quarter, according to Federal Reserve Chairman Janet Yellen. “With the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already under way, putting the overall economy on track for solid growth in the current quarter,” Yellen said in remarks prepared for the Joint Economic Committee of Congress. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/us-firms-less-productive-in-first-quarter-2014-05-07 | |||||||
| http://blogs.marketwatch.com/capitolreport/2014/05/07/its-official-mortgage-applications-to-buy-have-outpaced-refis/ | |||||||
| http://www.marketwatch.com/story/yellen-sees-economy-improving-over-rest-of-year-2014-05-07 | |||||||
| For today’s Market Update Report click to listen-> | |||||||