The KUIK Market Update for Monday, August 24: |
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Markets have improved from catastropic to merely painful. |
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Index |
Direction |
Change |
Units |
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Time |
Change |
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Dow |
Down |
(369) |
points |
16,093 |
8:04 AM |
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S&P500 |
Down |
-2.3% |
percent |
1,926 |
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(45.28) |
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Nasdaq Composite |
Down |
-2.3% |
percent |
4,597 |
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(109.02) |
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30 Year Treasury |
Down |
(11) |
Basis Points |
2.64 |
Annual Yield |
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European stocks fell, extending a selloff in global stocks on worries that China’s economy is slowing more than anticipated. Stoxx Europe 600 fell 2.9% to 350.85, with no sectors trading higher. In London the FTSE 100 fell 2.8% to 6,013.20, |
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October crude fell to $37.75 a barrel on the New York Merc, Right now it is off 4.2% to $38.74 a barrel. It traded as low as $37.75. |
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The People’s Bank of China is preparing to flood the country’s banking system with new liquidity to boost lending, according to bank officials, as a weaker currency could spur more funds leaving China The step involves cutting the banks’ reserve requirements and would signal that the Chinese central bank’s exchange-rate maneuvering in the past two weeks is backfiring, forcing it to resort to the easing measures that so far have failed to help spur economic activity. |
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Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. |
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http://www.marketwatch.com/story/european-stocks-track-china-selloff-slide-deeper-into-correction-2015-08-24 |
http://www.marketwatch.com/story/oil-tumbles-to-fresh-lows-on-china-market-turmoil-2015-08-24-2103336 |
http://www.marketwatch.com/story/china-plans-more-steps-to-boost-bank-lending-2015-08-23 |
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