| The KUIK Market Update for Wednesday, May 21: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Up | 154 | points | 16,529 | 7:56 AM | ||
| S&P500 | Up | 0.7% | percent | 1,886 | 13.16 | ||
| Nasdaq Composite | Up | 0.8% | percent | 4,128 | 30.78 | ||
| 30 Year Treasury | Up | 4 | Basis Points | 3.41 | Annual Yield | ||
| Fannie Mae cuts its outlook for home sales this year as well as 2015, after home markets posted a weak first quarter. Fannie now expects existing-home sales to reach about 4.98 million this year, down from a prior view of 5.04 million. For new single-family homes, Fannie now sees sales hitting 476,000 in 2014, down from a prior forecast of 494,000. | |||||||
| Oil futures continued higher after weekly data showed a drop in U.S. crude supplies that was larger than expected. The U.S. Energy Information Administration said crude stockpiles dropped 7.2 million barrels for the week ended May 16. Analysts polled by Platts were looking for a decline of only 300,000 barrels. Gasoline supplies rose 1 million barrels but were expected to rise by 150,000 barrels. July crude is up 1% to $103.32 a barrel on the New York Merc. | |||||||
| Marketwatch reports that China has banned the use of Windows 8 on all government computers, according to the Central Government Procurement website. The move coincided with China’s condemnation of U.S. charges against members of its military for alleged cyber attacks. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://blogs.marketwatch.com/capitolreport/2014/05/21/fannie-mae-cuts-sales-outlook-for-new-and-existing-homes/ | |||||||
| http://www.marketwatch.com/story/oil-futures-top-103-ahead-of-supply-data-2014-05-21?dist=markets | |||||||
| http://www.marketwatch.com/story/eia-says-us-crude-supplies-down-72-mln-barrels-2014-05-21?link=MW_Nav_NV | |||||||
| For today’s Market Update Report click to listen-> | |||||||