Market Update Report 1/11/2013 | Beacon Rock Wealth Advisors

The KUIK Market Update for Friday, January 11:

Markets are down slightly.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(8)	points	13,465	7:50 AM
S&P500	Down	-0.2%	percent	1,470		(2.20)	points
Nasdaq Composite	Down	-0.1%	percent	3,118		(3.16)	points
30 Year Treasury	Up	0	Basis Points	3.08	Annual Yield

Japanese Prime Minister Shinzo Abe called for the Bank of Japan to pursue unlimited monetary easing and to set a 2% inflation target. The Japanese cabinet yesterday approved the equivalent in yen of a 227 billion dollar stimulus package. A large part of the package will be spent on public works, which Abe said will push up GDP growth by 2 percentage points and create 600,000 new jobs.

Financial stocks are hurting at this hour. American Express announced yesterday that it will eliminate about 5,400 jobs this year, ending 2013 with overall staff levels down 4% to 6% from current levels. The company will also take a $400 million restructuring charge.

Banks lead the losses in the stock market. Mortgage-banking giant Wells Fargo said its net interest margin declined, a worrisome sign for next week’s round of financial earnings. Wells Fargo is the first major bank to report earnings. It reported fourth-quarter earnings rose to 91 cents a share from 73 cents a share in the same period a year ago. Revenue increased to $21.9 billion from $20.6 billion. Analysts expected $21.34 billion.



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

http://blogs.marketwatch.com/thetell/2013/01/11/abenomics-gaining-traction-in-japan-and-google-searches/
http://www.marketwatch.com/story/american-express-to-slash-5400-jobs-2013-01-10
http://www.marketwatch.com/story/stocks-slip-as-wells-fargo-sends-banks-into-skid-2013-01-11?dist=lcountdown


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