The KUIK Morning Market Report for Wednesday, December 20:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
50
points
24,805
7:23 AM
S&P500
Up
0.1%
percent
2,685
2.55
Nasdaq Composite
Down
-0.1%
percent
6,958
(0.72)
30 Year Treasury
Up
3
Basis Points
2.86
Annual Yield
Congressional Republicans are getting ready to send a tax bill to President Trump, after the Senate passed an overhaul of the tax code early Wednesday. The House is expected to approve it later today. The Senate passed the bill 51-48 after amending the measure the House passed Tuesday. Arizona Republican Senator John McCain was absent because of health reasons.
The top economic adviser to President Trump said Congress will pass a short-term spending bill that averts a government shutdown. In a televised interview Gary Cohn said he expects a temporary spending bill to keep the government open until early next year, when the two parties will hash out a longer-term solution. He predicted "Congress will be on its way home by the weekend."
The Walll Street Journal reports sales of existing-home increased 5.6% in November to a seasonally adjusted annual rate of 5.81 million, for the strongest reading since December 2006. Economists expected a 0.7% increase to 5.52 million annually. There was only 3.4-months of supply, the lowest in records that go back to 1999. That’s pushing prices higher. The median sales price was $248,000, up 5.8% from a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
