The KUIK Market Update for Monday, February 22:
Markets are up.
Index Direction Change Units Time
Dow Up 207 points 16,599 7:36 AM
S&P500 Up 1.3% percent 1,943
Nasdaq Composite Up 1.2% percent 4,560
30 Year Treasury Unchanged – Basis Points 2.61 Annual Yield
Markets in Asia were up. The Shanghai Composite Index closed up 2.4% to 2,927.18. the Chinese government announced over the weekend that it had replaced its chief securities regulator.
Stocks in Europe also advanced. The Stoxx Europe 600 index jumped 1.6% to 331.72. March crude is up 6% to $31.31 a barrel. On Friday Baker Hughes reported the number of US oil drilling rigs fell for the ninth straight week.
Here in the US, Markit’s flash or preliminary purchasing managers index fell to 51.0 from 52.4 in January. This matches the lowest level since September 2009. Economists exepected 52.5. Readings over 50 signal expansion, but Chris Williamson, chief economist at Markit said “U.S. factories are reporting the worst business conditions for over three years. Every indicator from the flash PMI survey, from output, order books and exports to employment, inventories and prices, is flashing a warning light about the health of the manufacturing economy.”
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/asian-stocks-rise-after-china-replaces-securities-chief-2016-02-21
http://www.marketwatch.com/story/european-stocks-jump-to-2-week-high-as-oil-rallies-2016-02-22
http://www.marketwatch.com/story/flash-us-manufacturing-pmi-in-february-flashes-warning-signs-2016-02-22
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