The KUIK Market Update for Tuesday, February 23:
Markets are down.
Index Direction Change Units Time
Dow Down (174) points 16,442 8:13 AM
S&P500 Down -1.2% percent 1,923
Nasdaq Composite Down -1.4% percent 4,508
30 Year Treasury Down (3) Basis Points 2.59 Annual Yield
The Stoxx Europe 600 is off 0.4% at 331, but came off session lows as financial, industrial and consumer services shares swung higher. Yesterday the index was up 1.7% to 331.82, the highest close since Feb. 2, fueled by a rally for commodity shares as the prices for oil and metals moved up.
The Conference Board reports the consumer confidence index fell to 92.2 from a revised 97.8 in January down to a seven month low. Economists expected 96.9. Both the present situation and future expectations indices fell, but the survery suggests that consumers believe the economy “will continue to expand at a moderate pace in the near term.”
Sales of existing homes rose 0.4% to a seasonally adjusted annual rate of 5.47 million, according to the National Association of Realtors. That was the second-highest monthly pace since 2007 and 11% higher than the same period a year ago. Economists expected a 5.30 million rate.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/european-shares-backtrack-from-3-week-high-as-oil-falls-again-2016-02-23
http://www.marketwatch.com/story/consumer-confidence-falls-to-seven-month-low-2016-02-23?dist=lcountdown
http://www.marketwatch.com/story/existing-home-sales-rise-to-547-million-rate-in-january-2016-02-23?dist=lcountdown
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