The KUIK Morning Market Report for Friday, January 22:
Markets are up.
Index Direction Change Units Time
Dow Up 244 points 16,127 7:13 AM
S&P500 Up 2.0% percent 1,906
Nasdaq Composite Up 2.4% percent 4,578
30 Year Treasury Up 5 Basis Points 2.85 Annual Yield
Manufacturing rebounded in January after hitting a 38-month low in December. Markit’s preliminary manufacturing purchasing managers’ index rose to 52.7 from up 51.2 in December. Output and orders picked up in January after slowing late last year. But job creation fell to a four-month low and manufacturers cut inventories.
The National Association of Realtors reports sales of existing homes rose 14.7% in December, for the biggest monthly increase ever recorded. Home resales ran at a seasonally-adjusted annual rate of 5.46 million. Economists expected 5.21 million. December was 7.7% higher compared to tDecember 2015. 2015 sales totalled 5.26 million, the best since 2006’s 6.48 million. There were 3.9 months’ worth of homes available in December, the lowest since January 2005. That’s driving prices higher. The median price rose to $224,100, up 7.6% compared to a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/flash-us-manufacturing-pmi-rebounds-in-january-2016-01-22
http://www.marketwatch.com/story/existing-home-sales-soar-147-to-546-million-rate-in-december-2016-01-22?mod=MW_story_latest_news
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