The KUIK Market Update for Wednesday, February 24:
Markets are down.
Index Direction Change Units Time
Dow Down (233) points 16,199 6:00 PM
S&P500 Down -1.3% percent 1,895
Nasdaq Composite Down -1.5% percent 4,436
30 Year Treasury Down (8) Basis Points 2.52 Annual Yield
The Markit flash U.S. services purchasing managers index fell to a seasonally adjusted49.8 down from 53.2 in January, for the worst reading since the government shutdown in October 2013. Readings below 50 indicates more people said conditions were getting worse than getting better. Markit said softer new-order growth, uncertainty about the economy, and disruptions from heavy snowfall on the east coast weighed on the index.
The Commerce Department reports sales of new homes fell 9.2% to a seasonally adjusted annual rate of 494,000 in January. That was the lowest number since October, below economists expectations of 520,000 annually, and 5.2% lower than the same period a year ago. The decline was led by a 32.1% drop in sales here in the West. Sales were up slightly in the Northeast and South, and fell 5.9% in the Midwest. The median price paid was $278,800, down from a revised $295,800 in December. There was 5.8 months’ worth of homes available for sale during the month, the most since September.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/services-gauge-drops-below-50-level-to-28-month-low-2016-02-24
http://www.marketwatch.com/story/new-home-sales-sink-92-to-494000-annual-rate-2016-02-24
For today’s Market Update Report click to listen->