Market Update Report 1/7/2013 | Beacon Rock Wealth Advisors

The KUIK Market Update for Monday, January 7:

Markets are down.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(46)	points	13,389	8:00 AM
S&P500	Down	-0.4%	percent	1,460		(7)	points
Nasdaq Composite	Down	-0.2%	percent	3,094		(11)	points
30 Year Treasury	Down	(0)	Basis Points	3.11	Annual Yield

Bank of America said that it has reached agreements with Fannie Mae to settle all claims surrounding almost all of the mortgage loans originated by Countrywide and Bank of America from 2000 through 2008. BofA said as part of the deal it will pay Fannie Mae $10.3 billion including 6.75 billion to buyback loans that are underwater.

Oil futures have moved lower as traders bet on a rebound in crude supplies after data last week showed a big year-end drop in inventory. February crude is off 0.3% to $92.82 a barrel on the New York Merc.



Liberal columnist Paul Krugman won a Noble prize in economics and writes a column for The New York Times. He joined calls for the U.S. to mint a $1 trillion platinum coin as a way around the debt ceiling. The idea is that Treasury Secretary Tim Geithner can take advantage of a loophole that allows the Treasury Department to mint a platinum coin of any denomination. Print a $1 trillion coin, and presto, there’s a $1 trillion in spare capacity under the debt ceiling. Since the coin isn’t going into circulation, it would not be inflationary and it leaves Congress in control of the purse. No word if a unicorn would also be imprinted on the magical coin’s face.

Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.

http://www.marketwatch.com/story/b-of-a-selltes-with-fannie-for-about-10-billion-2013-01-07
http://www.marketwatch.com/story/oil-futures-weighed-by-strengthened-dollar-2013-01-07?link=MW_home_latest_news

http://www.marketwatch.com/story/newsviewer?link=MW_Nav_NV

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