The KUIK Morning Market Report for Thursday, December 17:
Markets are down.
Index Direction Change Units Time
Dow Down (30) points 17,719 7:03 AM
S&P500 Down -0.3% percent 2,067
Nasdaq Composite Down 0.0% percent 5,071
30 Year Treasury Down (3) Basis Points 2.97 Annual Yield
The Labor Department reports that initial claims for unemployment benefits fell by 11,000 to a seasonally adjusted 271,000 the week ending December 12. Continuing claims fell by 7,000 to 2.24 million in the week ended December 5.
The U.S. Energy Information Administration reports that crude oil supplies climbed by 4.8 million barrels for the week ended December 11. Analysts polled by Platts expected only a 2.5 million barrel increase. That took the market by surprise. “At 490.7 million barrels, U.S. crude oil inventories remain near levels not seen for this time of the year in at least 80 years,” said the report. U.S. gasoline production averaged 10 million barrels a day. Refineries operated at 92% of their capacity. January crude is currenlty down 0.65% to $35.26 a barrel.
The Philadelphia Fed reports that its manufacturing index in December fell to negative 5.9, the third month in the last four where the readings were below zero. Economists expected 1. Readings above zero indicate improving conditions. Manufacturing has been weighed down by the strength of the U.S. dollar, weak foreign demand, and low in oil prices. New orders fell but current shipments rose.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/jobless-claims-drop-11000-to-271000-2015-12-17
http://www.marketwatch.com/story/crude-sags-as-oil-stockpiles-rise-by-more-than-expected-2015-12-17
http://www.marketwatch.com/story/philadelphia-fed-manufacturing-index-returns-to-negative-level-for-december-2015-12-17
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