The KUIK Market Update for Tuesday, February 16:
Markets are up.
Index Direction Change Units Time
Dow Up 104 points 16,076 7:35 AM
S&P500 Up 0.9% percent 1,882
Nasdaq Composite Up 1.4% percent 4,400
30 Year Treasury Up 3 Basis Points 2.64 Annual Yield
U.S. markets were closed yesterday for the Presidents Day holiday, but stock futures rallied in a shortened trading session. Today, markets were initially boosted by hopes that major oil producers would agree on cutting oil production at a meeting in Doha, Qatar. At the talks, energy ministers from Saudi Arabia, Russia, Venezuela and Qatar agreed to freeze their crude-oil production at January levels, but only if other major oil nations follow suit. They did not propose a cut in output. Oil futures fell from from their premeeting high of $31.53 to trade again below $30 a barrel, pushing European stocks and U.S. stock futures lower.
Sentiment among home builders fell in February, according to the National Association of Home Builders. The NAHB/Wells Fargo housing market index fell 3 points to 58, from an upwardly-revised 61 in January. Economists expected 59 and readings over 50 signal improvement. The index touched a 10-year high in October, and averaged 59 throughout 2015. Builders are responding to recent consumer worries about the economy, NAHB Chief Economist David Crowe said in a release.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/dow-futures-rally-almost-200-points-as-investors-warm-to-risk-2016-02-16
http://www.marketwatch.com/story/home-builder-sentiment-slips-in-february-nahb-says-2016-02-16
For today’s Market Update Report click to listen->