The KUIK Market Update for Wednesday, November 15:
Markets are down.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(91)
points
23,321
8:02 AM
S&P500
Down
-0.4%
percent
2,569
F
Nasdaq Composite
Down
-0.4%
percent
6,714
F
30 Year Treasury
Down
(4)
Basis Points
2.80
Annual Yield
The Empire State index for November fell 10.8 points to 19.4, moving back from a three-year high in October but still pointing to a solid manufacturing environment in the New York area. Any reading above zero indicates improving conditions. New-orders rose while shipments fell.
The Commerce Department reports retail sales rose 0.2% in October, after an upwardly revised 1.9% gain in September, that was boosted by post-hurricane spending. Economists expected October to be unchanged. Excluding autos, sales rose 0.1% after a 1.2% gain in September. Only a few sectors were weak: building materials, gasoline stations, and non-store retailers. Auto sales were up 0.7% but sales at general merchandise stores were flat.
Inflation has been too low for too long and the Federal Reserve has to alter its communications with the markets to convince investors the Fed is willing to let it run hotter than the 2% target, says Charles Evans, president of the Chicago Fed,. In a speech in London, Evans said the Fed must alter its statement to make clear that its inflation target of 2% is not a ceiling.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
