The KUIK Market Update for Tuesday, January 19:
Markets are up.
Index Direction Change Units Time
Dow Up 97 points 16,085 8:10 AM
S&P500 Up 0.5% percent 1,890
Nasdaq Composite Up 0.5% percent 4,509
30 Year Treasury Down (6) Basis Points 2.83 Annual Yield
The International Monetary Fund cut its outlook for the world economy. Downturns in the largest developing countries and a weaker-than-expected expansion in the U.S. prompted the IMF to downgrade its forecast for global growth this year by 0.2% to 3.4%. That is slightly better than last year’s 3.1%. The strong dollar is weighing on U.S. exports. The IMF said the American economy should grow by 2.6% this year, up from last year’s 2.5%, but down 0.2% from its prior forecast.
The selloff in oil could get even worse in 2016, as the energy market grapples with oversupply, a strong dollar, and a weak global economy, according to the International Energy Agency. In its monthly oil report, it warns that the market is poised for a third straight year of supply exceeding demand. That will lead to “enormous strain” on the system. February crude is off 0.7% to $29.13 a barrel.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/imf-trims-its-global-growth-outlook-yet-again-2016-01-19
http://www.marketwatch.com/story/home-builder-confidence-stays-steady-in-january-2016-01-19
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