The KUIK Morning Market Report for Wednesday, July 12:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
154
points
21,563
7:28 AM
S&P500
Up
0.8%
percent
2,444
18.36
Nasdaq Composite
Up
1.0%
percent
6,254
60.36
30 Year Treasury
Down
(2)
Basis Points
2.90
Annual Yield
Federal Reserve Chairmann Janet Yellen is speaking before the House Financial Services panel on this morning for the first of two days of testimony on the central bank’s monetary policy. She has said that there are not many rates hikes to go this year, and they will be gradual.
National Economic Council Director Gary Cohn is the front-runner to replace Janet Yellen next year, according to Politico. Cohn is the former president of Goldman Sachs. Former Fed Governor. Kevin Warsh is also a candidate to be Fed chief, and like Cohn, doesn’t have a Ph.D. in economics.
The Stoxx Europe 600 index is up 1.6% to 385, setting it on track for its highest close in two weeks and its biggest one-day percentage gain since April 24, according to FactSet. It jumped after after the release of Yellen’s prepared congressional testimony.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
