The KUIK Morning Market Report for Wednesday, August 30:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(10)
points
21,856
6:58 AM
S&P500
Up
0.1%
percent
2,449
2.40
Nasdaq Composite
Up
0.4%
percent
6,328
26.14
30 Year Treasury
Unchanged
–
Basis Points
2.75
Annual Yield
Hurricane Harvey will be the most expensive natural disaster in U.S. history, according to AccuWeather. It estimates the full cost at close to $160 billion. That would be similar to the combined cost of Hurricanes Katrina and Sandy. The cost will shave 0.8% off GDP. Dr. Joel Myers, founder and chairman of AccuWeather says "The disaster is just beginning in certain areas. The city of Houston, which took the brunt of the storm damage, will likely be uninhabitable for weeks and possibly even months, due to water damage, mold and disease-ridden water. The worst flooding is still to come as rivers and bayous continue to rise putting levees at risk of breaches."
Private-sector employers added a seasonally adjusted 237,000 jobs in August, according to ADP. That was a big gain from the 178,000 jobs it initially reported for July, and which it revised up to 201,000. It also easily beat the Econoday forecast of 185,000. Small businesses added 48,000, medium-sized 74,000, and large businesses 115,000. Nearly all the gains came from the service sector, which produced 204,000 jobs.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
