The KUIK Morning Market Report for Thursday, November 2:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(38)
points
23,396
7:12 AM
S&P500
Down
-0.4%
percent
2,570
Nasdaq Composite
Down
-0.4%
percent
6,692
30 Year Treasury
Down
(2)
Basis Points
2.84
Annual Yield
The Labor Department reports initial claims for unemployment benefits fell by 5,000 to 229,000 the week ended October 28. That was lower than the 235,000 exepected by economists. Continuing claims fell by 15,000 to 1.88 million the week before. That’s the lowest level since December 1973. Unemployment is at a 17-year low of 4.2%
Details of the new tax bill, to be called the Tax Cuts and Jobs Act, show that there will be a top rate of 39.6% but at a income threshold of $1 million for married couples, according to the Wall Street Journal. For married couples, the 25% rate starts at $90,000 and the 35% rate starts at $260,000. The mortgage interest deduction would be capped at $500,000, down from $1 million, though existing loans would be grandfathered,. The House bill takes the child credit from $1,000 to $1,600, the report adds.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
