The KUIK Market Update for Wednesday, February 10:
Markets are up.
Index Direction Change Units Time
Dow Up 42 points 16,057 8:20 AM
S&P500 Up 0.8% percent 1,867
Nasdaq Composite Up 1.5% percent 4,332
30 Year Treasury Up 1 Basis Points 2.56 Annual Yield
Federal Reserve Chairman Janet Yellen in testimony for the House Financial Services Committee is cautious about the outlook for the economy but still expects additional, gradual, interest-rate hikes. But she said financial conditions “have become less supportive to growth” and there are “downside risks” from uncertainty about the Chinese economy.
The oil market should start to rebalance in the second half of the year but it will be some time before the $100 a barrel price is seen again, according to BP’s chief executive Bob Dudley. He said the oil giant is “very bearish” on the first half of 2016, but things will start to turn around in the third or fourth quarter. He said that “By that time, every storage tank and swimming pool in the world will be filled with oil,” warning that the price recovery would start slowly.
The U.S. Energy Information Administration will release its weekly data on petroleum inventories shortly. Analysts polled by Platts expectcrude stockpiles rose by 3.2 million barrels for the week ended Feb. 5, up for the fifth straight week. March crude is up 1.5% to 28.36 a barrel.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/yellen-says-financial-conditions-less-supportive-to-growth-2016-02-10
http://www.marketwatch.com/story/bp-ceo-oil-to-start-rebalancing-in-late-2016-2016-02-10
http://www.marketwatch.com/story/oil-hovers-above-28-a-barrel-as-market-braces-for-more-supply-data-2016-02-10?dist=lcountdown
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