The KUIK Market Update for Tuesday, February 2:
Markets are down.
Index Direction Change Units Time
Dow Down (253) points 16,199 7:55 AM
S&P500 Down -1.4% percent 1,912
Nasdaq Composite Down -1.2% percent 4,566
30 Year Treasury Down (8) Basis Points 2.70 Annual Yield
The Shanghai Composite Index closed up 2.3% at 2,749.57 but is down 47% from its peak last June. It rose in the morning on the news that the People’s Bank of China added $15.2 billion in short-term loans to money markets. The bank’s move holds off a potential liquidity squeeze ahead of the weeklong Lunar New Year holiday that starts Feb. 7.
Bloomberg reports Google parent Alphabet is now the world’s most valuable company, passing up Apple after reporting higher profit and sales fueled by a booming advertising business that’s supporting ambitious new projects. Alphabet’s shares jumped 4.2 percent as the market open this morning, pushing its market capitalization to $542.2 billion. The Web company had been inching closer to the iPhone maker in recent weeks as investors lost confidence in Apple’s smartphone business and bet that Alphabet has a clearer path to growth. Apple first passed oil giant Exxon Mobil to become the world’s most valuable company in 2011.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/china-shares-gain-as-other-asian-markets-slip-2016-02-01
http://www.bloomberg.com/news/articles/2016-02-02/google-parent-to-overtake-apple-as-world-s-most-valuable-company
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