May 29, 2014

Morning Market Report 5/29/2014

The KUIK Morning Market Report for Thursday, May 29:
Markets are up.
Index	Direction	Change	Units	Time	Change
Dow	Up	26	points	16,660	6:59 AM
S&P500	Up	0.3%	percent	1,915	4.97
Nasdaq Composite	Up	0.4%	percent	4,241	15.81
30 Year Treasury	Unchanged	–	Basis Points	3.29	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 American Petroleum Institute yesterday reported that crude supplies rose by 3.5 million barrels for the week ended May 23. Analysts surveyed by Platts forecast a rise of 1 million barrels. Gasoline stockpiles fell by 1.4 million barrels, and analysts were looking for drop of only 200,000 barrels.
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/api-data-show-crude-supply-up-35-million-barrels-2014-05-28
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