The KUIK Morning Market Report for Friday, January 8:
Markets are up.
Index Direction Change Units Time
Dow Up 61 points 16,525 8:30 AM
S&P500 Up 0.3% percent 1,949
Nasdaq Composite Up 0.1% percent 4,723
30 Year Treasury Up 2 Basis Points 2.95 Annual Yield
The Labor Department reports the US added 292,000 new jobs in December. Economists excpected only 215,000 and October and November were revised upward. The unemployment rate was unchanged at 5%. Hourly wages fell by one cent $25.24, for the first decline in a year. But wages are 2.5% in the past 12 months, matching a six-and-a-half-year high.
Bloomberg reports the Shanghai Composite Index closed 2% higher after falling as much as 2.2%. Chinese regulators removed the market circuit breakers after drops this week closed markets early on Monday and Thursday. The People’s Bank of China left the yuan’s reference rate unchanged Friday after an eight-day string of weaker fixings roiled global markets. State controlled funds purchased Chinese stocks focusing on financials shares and others with large weightings in the indices.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/us-scores-big-with-292000-new-jobs-in-december-2016-01-08
http://www.bloomberg.com/news/articles/2016-01-08/china-finds-3-trillion-just-doesn-t-pack-the-punch-it-used-to#media-1
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