| The KUIK Market Update for Thursday, May 29: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Up | 14 | points | 16,647 | 7:59 AM | ||
| S&P500 | Up | 0.2% | percent | 1,914 | 3.96 | ||
| Nasdaq Composite | Up | 0.3% | percent | 4,238 | 13.23 | ||
| 30 Year Treasury | Down | (1) | Basis Points | 3.28 | Annual Yield | ||
| The Commerce Department reports gross domestic product, all goods and serves produced by the economy, fell at an annual rate of 1% in the first quarter 2014, down from an initial estimate of seasonally adjusted 0.1% growth. The decline in first-quarter growth is due mainly to lower investment in new housing, offices and plants. Business investment in structures was revised downward to a 7.5% drop instead of a 0.2% gain. Residential investment fell by 5%. | |||||||
| Initial jobless claims fell by 27,000 to 300,000 in the week ended May 24, according to the Labor Department. Economists expected a seasonally adjusted 322,000. A year ago, new jobless claims were running around 350,000 a week. Continuing claims decreased by 17,000 to a seasonally adjusted 2.63 million in the week ended May 17. | |||||||
| The average rate for a 30-year fixed-rate mortgage fell to 4.12% in the week ended May 29 down from 4.14% last week and the lowest rate since the end of October according to Freddie Mac . A year ago, the 30-year rate was at 3.81%. The average 15-year fixed-rate mortgage fell to 3.21% down from 3.25% last week. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/us-economy-contracted-1-in-first-quarter-2014-05-29 | |||||||
| http://www.marketwatch.com/story/jobless-claims-near-post-recession-low-2014-05-29 | |||||||
| http://www.marketwatch.com/story/30-year-mortgage-rate-declines-to-412-2014-05-29-109102?dist=lcountdown | |||||||
| For today’s Market Update Report click to listen-> | |||||||