The KUIK Market Update for Wednesday, December 16:
Markets are up.
Index Direction Change Units Time
Dow Up 39 points 17,562 8:02 AM
S&P500 Up 0.3% percent 2,049
Nasdaq Composite Up 0.2% percent 5,007
30 Year Treasury Up 3 Basis Points 3.02 Annual Yield
The Federal Reserve is set to lift interest rates for the first time in over nine years on today at 11 am Pacific time. The announcement from the Federal Open Market Committee, will be followed by a news conference with Chairman Janet Yellen, who will speak at11:30. The Fed has kept interest rates in a band between zero and 0.25% since December 2008, when it lowered rates in the midst of the Great Recession.
Crude oil prices gave up its gains gains today. A rise in interest rates will strengthen the dollar and make crude imports more expensive for buyers paying with foreign currencies. January crude is off 3.5% to $35.98 a barrel on the New York Merc. Expectations that Congress will lift the 40-year ban on U.S. crude oil exports in the near term is also weighing on prices. Getting rid of the ban would be good U.S. shale producers, an increase in the supply of crude in the global market will tend to drive prices lower. U.S. crude stockpiles grew by 2.3 million barrels for the week ended Dec. 11 according to the American Petroleum Institute.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/what-time-is-the-fed-decision-2015-12-14
http://www.marketwatch.com/story/crude-surrenders-gains-as-supply-worries-pile-up-2015-12-16?dist=lcountdown
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