Market Update Report 7/17/2014

July 17, 2014
The KUIK Market Update for Thursday, July 17:
Markets are down.
Index Direction Change Units Time Change
Dow Down                    (60) points           17,078 9:14 AM
S&P500 Down -0.6% percent             1,970           (11.60)
Nasdaq Composite Down -0.8% percent             4,392           (33.63)
30 Year Treasury Down                      (6) Basis Points               3.29 Annual Yield
Microsoft said it plans to eliminate up to 18,000 jobs, or 14% of its work force, over the next year as part of a sweeping plan to streamline its operations following the acquisition of Nokia’s devices and services business. The company said the plan would result in a restructuring charge of between $1.1 and $1.6 billion over the next four quarters. Of the 18,000 planned cuts, about 12,500 will be professional and factory positions eliminated through synergies with the Nokia operations. The company said it expects to substantially complete the plan by the end of 2014, with full completion expected by second quarter 2015.
The average rate for a 30-year fixed-rate mortgage declined to 4.13% in the week ended July 17 down from 4.15% last week, according  Freddie Mac. A year ago, the 30-year rate was at 4.37%. The average rate for the 15-year fixed-rate mortgage ticked down to 3.23% from 3.24%.
Russsian stocks are down on another round of sanctions from the US and the EU.  The U.S. is restricting access to the American debt market for some Russian banks, energy companies and defense firms, while the EU said it would announce detailed sanctions by the end of July.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/microsoft-to-cut-18000-jobs-book-big-charge-2014-07-17
http://www.marketwatch.com/story/30-year-mortgage-rate-declines-to-413-2014-07-17-9915954
http://www.marketwatch.com/story/european-stocks-slide-after-fresh-russia-sanctions-2014-07-17?dist=lcountdown
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