The KUIK Closing Market Report for Friday, December 8:
Markets finished up.
Index
Direction
Change
Units
Index
Time
Change
Dow
Up
118
points
24,329
2:41 PM
S&P500
Up
0.6%
percent
2,652
(0.30)
Nasdaq Composite
Up
0.4%
percent
6,840
(10.64)
30 Year Treasury
Unchanged
–
basis points
2.78
Annual Yield
The Federal Reserve today announced final details of its plan to launch an alternative to the U.S. dollar London interbank offered rate or Libor that was used in financial contracts until hit by scandal when banks were found to be rigging the rate by submitting false data during the 2008 financial crisis. The Fed said it plans to publish the Secured Overnight Financial Rate or SOFR no later than 8 a.m. Eastern time April 1. The Fed says the new rate can’t be rigged because it is based on the cost of short-term borrowing in highly liquid and robust markets.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
