| The KUIK Market Update for Wednesday, January 2: | |||||||
| Markets had a strong open but are now trading off their highs. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Up | 243 | points | 13,350 | 7:55 AM | ||
| S&P500 | Up | 1.8% | percent | 1,452 | 26.07 | points | |
| Nasdaq Composite | Up | 2.4% | percent | 3,092 | 72.18 | points | |
| 30 Year Treasury | Up | 9 | Basis Points | 3.04 | Annual Yield | ||
| Stocks are up, after the largest year-end rally for the Standard & Poor’s 500 Index since 1974, as lawmakers passed a bill averting spending cuts and tax increases. That overshadows all other investment news. | |||||||
| President Obama vowed Tuesday night not to negotiate in connection with raising the U.S. debt limit. The President thanked Democratic and Republican leaders for approving the deal, but he added that “we all recognize this law is just one step” in dealing with U.S. debt problems. The U.S. officially reached its legally mandated borrowing limit Monday. | |||||||
| U.S. manufacturers expanded their business in December after contracting slightly in November, according to the Institute for Supply Management. Its index rose to 50.7% from 49.5% in November. Economists expected 50.5%. The new-orders gauge was flat at 50.3 and the production index up 1.1 to 52.6. The employment gauge, climbed 4.3 to 52.7 to boost the overall index. That’s the highest employment reading since September. | |||||||
| Construction spending dropped in November, missing Wall Street’s estimates according to the Commerce Department. Spending fell 0.3% in November. Analysts expected a .8% gain. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.bloomberg.com/news/2013-01-02/u-s-stock-index-futures-rally-as-fiscal-cliff-averted.html | |||||||
| http://www.marketwatch.com/story/obama-cheers-cliff-deal-wont-debate-debt-limit-2013-01-01 | |||||||
| http://www.marketwatch.com/story/ism-survey-climbs-to-507-in-december-from-495-2013-01-02 | |||||||
| http://www.marketwatch.com/story/november-us-construction-spending-declines-03-2013-01-02?link=MW_Nav_EP | |||||||
| For today’s Market Update Report click to listen-> | https://beaconrwa.com/audio/Market-Update-Report.mp3 | ||||||