Morning Market Report 1/3/2013

January 3, 2013
The KUIK Morning Market Report for Thursday, January 3:
Markets are down after yesterday’s big up day.
Index Direction Change Units Last Time Change
Dow Down                    (30) points             13,385 7:02 AM
S&P500 Down -0.1% percent               1,460              (2.00) points
Nasdaq Composite Down 0.0% percent               3,112              (1.17) points
30 Year Treasury Up                       1 Basis Points               3.05 Annual Yield
Markets were set to open lower but the ADP jobs report showed companies added 215,000 workers in December, higher than projected. The median forecast of economists surveyed by Bloomberg called for 140,000.
In a separate report, the Labor Department reports initial jobless claims climbed by 10,000 to a seasonally adjusted 372,000 in the week ended Dec. 29.  Economists surveyed by MarketWatch   called for 360,000. Claims from two weeks ago were revised upward to 362,000 from an initial read of 350,000.
Not everyone is celebrating the budget deal. Moody’s Investors Service said that the budget agreement passed by Congress on January 1 won’t lower the country’s deficit enough to avoid a   rating downgrade on the US’s debt.. Moody’s, which has assigned its top Aaa ranking for the U.S., has a negative outlook on the world’s biggest economy.  So does Fitch Ratings.
Treasury   prices erased small gains and yields moved up after that mixed data on the labor market.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.bloomberg.com/news/2013-01-03/u-s-stock-futures-decline-on-concern-over-budget-deficit.html
http://www.marketwatch.com/story/us-jobless-claims-rise-10000-to-372000-2013-01-03
http://www.bloomberg.com/news/2013-01-03/u-s-stock-futures-decline-on-concern-over-budget-deficit.html
http://www.marketwatch.com/story/treasurys-erase-gain-after-us-economic-data-2013-01-03
For today’s Morning   Market Report click to listen-> https://beaconrwa.com/audio/Morning-Market-Report.mp3