The KUIK Morning Market Report for Wednesday, February 17:
Markets are up.
Index Direction Change Units Time
Dow Up 167 points 16,363 7:07 AM
S&P500 Up 1.1% percent 1,915
Nasdaq Composite Up 1.2% percent 4,487
30 Year Treasury Up 3 Basis Points 2.67 Annual Yield
The Commerce Department reports housing starts fell 3.8% in January to a seasonally adjusted annual rate of 1.1 million. Economists expected 1.17 million. Permits, which indicated future starts,fell 0.2% to an annual rate of 1.2 million. That’s 13.5% higher than the same period a year ago.
The cost of producing goods and services rose 0.1% in January, according to the the Labor Department. Economists expected a 0.2% decline. Core prices, which takep out the volatile categories of food and energy, rose 0.2% in January and are up 0.8% for the year. Services ose 0.5% in January, and goods fell 0.7%. Serices ārelated to securities brokerage and dealingā jumped 31.1%.
Minutes from the Federal Reserve’s January meeting are due at 11 am Pacific time. Last week, Fed Chairman Janet Yellen acknowledged in testimony to Congress that concerns about the global economy could cloud the U.S. economic outlook and may slow the pace of future rate hikes.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/housing-starts-dip-38-in-january-to-annual-11-million-rate-below-forecasts-2016-02-17
http://www.marketwatch.com/story/producer-price-index-rises-01-defying-expectations-for-another-decline-2016-02-17
http://www.marketwatch.com/story/wall-street-set-for-rally-as-investors-hope-for-dovish-fed-minutes-2016-02-17
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