Market Update Report 2/23/2015

February 23, 2015
The KUIK Market Update for Monday, February 23:
Markets are down.
Index Direction Change Units Time Change
Dow Down                    (42) points           18,098 8:01 AM
S&P500 Down -0.2% percent             2,107      (3.38)
Nasdaq Composite Down -0.2% percent             4,948      (8.43)
30 Year Treasury Down                      (5) Basis Points               2.68 Annual Yield
The U.S. economy returned to  above-trend growth in January, according to the Chicago Fed’s national activity index. The indicator is a weighted index of 85 different economic reports. It rose to a positive 0.13 in January up from December’s negative 0.07.
The National Association of Realtors reports home sales in January fell 4.9% to a seasonally adjusted annual rate of 4.82 million. Economists expected a 4.95 million annual rate. Lawrence Yun, chief economist for the NAR, attributed the drop to a lack of housing supply and rising prices. The median price of existing homes is $199,600, 6.2% above January 2014. Inventory edged up 0.5% to 1.87 million homes, a 4.7 month supply at the current sales pace.
US Treasury yields moved lower after a spokesman for the European Union said Greece hasn’t submitted a list of reforms, which it pledged to deliver last week as a condition of the four-month extension of its bailout. Greece has until Monday evening to submit its proposals, which must then be reviewed and accepted by the EU. Greek Minister of State Nikos Pappas told Greek television station Mega Channel that the list of reforms will include a crackdown on tax evaders and plans for streamlining operations at the Greek civil service.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/us-edged-back-into-above-trend-growth-in-january-national-activity-index-shows-2015-02-23
http://www.marketwatch.com/story/existing-home-sales-slow-to-9-month-low-in-january-2015-02-23
http://www.marketwatch.com/story/treasury-yields-sink-as-market-awaits-approval-of-greeces-loan-extension-2015-02-23?dist=markets
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