The KUIK Morning Market Report for Friday, January 19:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(5)
points
26,012
7:08 AM
S&P500
Up
0.2%
percent
2,803
(0.75)
Nasdaq Composite
Up
0.2%
percent
7,310
(8.63)
30 Year Treasury
Up
3
Basis Points
2.92
Annual Yield
The House passed a one-month spending bill last night, but it faces opposition in the Senate. In a 230-197 vote, the House approved a short-term spending bill that would keep the government funded through February. 16. It also reauthorizes the Children’s Health Insurance Program for six years and delays three Affordable Care Act taxes. Six Democrats voted in favor of the measure; 11 Republicans opposed it. But the stopgap bill currently doesn’t have enough support to clear the Senate, one day before the government’s funding expires at 9:01 pm Pacific time tonight.
The Securities and Exchange Commission all but shut the door to approving exchange-traded funds that hold bitcoin and other cryptocurrencies, questioning whether the products could comply with rules meant to protect mom-and-pop investors. In a letter to two Wall Street trading groups whose members see profits in selling exposure to bitcoin through popular investment vehicles such as ETFs and mutual funds, the SEC questioned how bitcoin’s volatility and potential illiquidity would fit with funds that must calculate a fair market price for their portfolio at the end of every trading day and allow investors to easily get cash for their shares.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
