The KUIK Market Update for Wednesday, January 6:
Markets are down but up off their lows.
Index Direction Change Units Time
Dow Down (192) points 16,967 8:12 AM
S&P500 Down -1.1% percent 1,995
Nasdaq Composite Down -0.9% percent 4,848
30 Year Treasury Down (6) Basis Points 2.95 Annual Yield
ADP reports that private employers added 257,000 jobs in December for the strongest gain since 2014. November’s gain was revised down to 211,000 from 217,000. Mark Zandi, chief economist of Moody’s Analytics, said “”the only industry shedding jobs is energy”” and if this pace of job growth is sustained the economy will be back to full employment by mid-year.”
The Institute for Supply Management said its nonmanufacturing index fell to 55.3% in December down from 55.9% in November. Readings over 50% signal more businesses are expanding instead of contracting, but that’s the lowest level since April 2014. New orders, production, and number of people employed increased slightly, but inventories and backlog of orders fell more steeply.
February crude is off 4.7% to $34.26 a barrel on the New York Merc. The Energy Information Administration reported crude inventories fell by 5.1 million barrels the week ended January 1.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/private-sector-adds-257000-jobs-in-december-adp-2016-01-06-81032130′
http://www.marketwatch.com/story/us-exports-fall-to-lowest-level-since-early-2012-2016-01-06
http://www.marketwatch.com/story/oil-prices-fall-as-crude-supplies-drop-but-gasoline-stockpiles-jump-2016-01-06
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