| The KUIK Market Update for Friday, October 23: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Up | 131 | points | 17,619 | 8:08 AM | ||
| S&P500 | Up | 1.0% | percent | 2,073 | 20.03 | ||
| Nasdaq Composite | Up | 2.0% | percent | 5,018 | 97.86 | ||
| 30 Year Treasury | Up | 4 | Basis Points | 2.90 | Annual Yield | ||
| European stocks were higher today, as a surprise cut in interest rates in China added to the market’s cheer over the prospect for more stimulus from the European Central Bank. The Stoxx Europe 600 ended up 2.2% to 378.18, looking at its highest close since Oct. 19, according to FactSet. All sectors advanced, led by the telecommunications, industrials and basic materials. Stocks hit intraday highs after the People’s Bank of China cut its one-year deposit rate by 25 basis points to 1.5%, and its one-year lending rate by 25 basis points to 4.35%. It also relaxed reserve requirements for banks. This follows cuts in interest rates in August and in June. | |||||||
| U.S. manufacturing activity in October unexpectedly bounced to a five-month high, signaling possible improvement in a sector under pressure from a strong dollar and weaker global demand. Markit’s U.S. flash purchasing-managers’ index 54.0, up from 53.1 in September which was near a two-year low. Economists expected a drop to 52.3. Readings above 50 indicate expansion. The latest reading points to the fastest upturn in business conditions since May, according to Markit. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/european-stocks-on-pace-to-third-straight-weekly-gain-2015-10-23 | |||||||
| http://www.marketwatch.com/story/markit-flash-manufacturing-pmi-reaches-5-month-hig-2015-10-23 | |||||||
| For today’s Market Update Report click to listen-> | |||||||