The KUIK Market Update for Monday, February 8:
Markets are down but up off their lows.
Index Direction Change Units Time
Dow Down (289) points 15,916 7:51 AM
S&P500 Down -1.8% percent 1,847
Nasdaq Composite Down -2.1% percent 4,271
30 Year Treasury Down (8) Basis Points 2.60 Annual Yield
“The Stoxx Europe 600 index fell 2.4% to 318.12, putting it on track for its lowest close since October 2014, according to FactSet. The Chinese stock markets are closed all week to celebrate the Lunar New Year.Data out over the weekend showed China’s foreign-exchange reserves fell to the lowest level in more than three years in January, another sign of capital flight as the yuan weakens.
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Oil prices have started the week down in volatile trading today, on continuing fears about the global oversupply of crude. March crude is off 2.8%, to $30.08 a barrel on the New York Merc. The dollar fell to a one-year low versus the yen, but traded higher against the euro.
The White House plans to request about $1.8 billion in new funding from Congress in response to the Zika virus. $828 million would be for the Centers for Disease Control and Prevention. A White House statement said it would be formally submitted “shortly.” President Obama is scheduled to submit his budget proposal to Congress tomorrow.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/european-stocks-drop-to-15-month-low-2016-02-08
http://www.marketwatch.com/story/oil-pops-above-31-a-barrel-as-traders-keep-close-watch-on-the-dollar-2016-02-08
http://www.marketwatch.com/story/white-house-to-ask-for-zika-research-funding-2016-02-08
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