The KUIK Market Update for Tuesday, December 22:
Markets are up.
Index Direction Change Units Time
Dow Up 54 points 17,305 7:55 AM
S&P500 Up 0.3% percent 2,026
Nasdaq Composite Up 0.1% percent 4,974
30 Year Treasury Up 2 Basis Points 2.95 Annual Yield
The Commerce Department reports that gross domestic product increased at a 2% annual pace in the third quarter, down from the previously reported 2.1% annual rate and 3.9% in the second quarter. The slight downgrade was triggered by a larger trade deficit and a smaller buildup in inventories than earlier estimated. The U.S. expanded at a 2.2% rate through the first nine months of the year, and economists expect that same pace in the fourth quarter. The economy will have failed to reach 3% growth for the 10th straight year, marking the slowest stretch since the end of World War Two.
The National Association of Realtor reports sles of existing homes fell 10.5% in November, to a seasonally-adjusted annual rate of 4.76 million. That was 3.8% lower than a year ago, the first annual decline since September 2014. NAR Chief Economist Lawrence Yun said much of the decline was due to new regulations which are lengthening the time to closing, taking the average closing time to 41 days from 36 likely pushed a lot of sales activity into December. Supply is tight, with only 5.1 months of supply, and median sales price was $220,300, 6.3% higher than a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/third-quarter-gdp-growth-trimmed-to-2-2015-12-22
http://www.marketwatch.com/story/existing-home-sales-sink-105-on-new-regulations-tight-supply-2015-12-22
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