| The KUIK Market Update for Wednesday, May 13: | |||||||
| Markets are mixed. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (22) | points | 18,047 | 8:02 AM | ||
| S&P500 | Up | 0.1% | percent | 2,102 | 3.01 | ||
| Nasdaq Composite | Up | 0.1% | percent | 4,982 | 6.03 | ||
| 30 Year Treasury | Unchanged | – | Basis Points | 3.02 | Annual Yield | ||
| The Commerce Department reports retail sales were flat in April as Americans continued to be thrifty shoppers, a trend that’s gotten stronger since last summer despite cheaper gas. American spent more at restaurants and Internet sites, but cut back on purchases of autos, home furnishings, electronic goods and fuel. Economists expected a seasonally adjusted 0.1% increase. Sales minus autos rose 0.1% but that was short of the 0.4% forecast. | |||||||
| Moody’s Investors Service said Tuesday it has downgraded its credit rating on the city of Chicago to junk status. The move hits $8.1 billion of Chicago’s outstanding general-obligation debt, $542 million of outstanding sales-tax revenue debt and $268 million of motor-fuel tax revenue debt. Moody’s said the lower credit rating reflects Chicago’s “highly elevated unfunded pension liabilities,” adding that it believes that “the city’s options for curbing growth in its own unfunded pension liabilities have narrowed considerably.” Highlighting pressure on Chicago’s budget, Moody’s cited a 179% jump in contributions the city is obligated to make next year to its police and fire pension funds. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/us-retail-sales-flat-in-april-continue-to-slow-2015-05-13 | |||||||
| http://www.marketwatch.com/story/moodys-cuts-chicagos-credit-rating-to-junk-2015-05-12 | |||||||
| For today’s Market Update Report click to listen-> | |||||||