Market Update Report 1/31/2013 | Beacon Rock Wealth Advisors

The KUIK Market Update for Thursday, January 31:

Markets are mixed.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(12)	points	13,900	8:08 AM
S&P500	Down	-0.16%	percent	1,500		(2.38)	points
Nasdaq Composite	Up	0.07%	percent	3,144		2.05	points
30 Year Treasury	Down	(1)	Basis Points	3.18	Annual Yield

Marketwatch reports Initial jobless claims jumped 38,000 to a seasonally adjusted 368,000 in the week ended Jan. 26, according to the Labor Department. That’s the highest level in one month and is the biggest increase since the week after Hurricane Sandy. Economists expected 355,000.

Bloomberg reports consumer spending in the U.S. climbed in December as incomes grew by the most in eight years. Household purchases, which account for about 70 percent of the economy, rose 0.2 percent after a 0.4 percent gain the prior month, according to the Commerce Department. Economists called for a 0.3 percent rise. Incomes rose 2.6 percent, pushing the saving rate up to a more than three-year high.

Bloomberg reports mortgage rates rose for a second week, increasing borrowing costs as tight supplies of listings drive up home prices. The average rate for a 30-year fixed mortgage was 3.53 percent in the week ended today, up from 3.42 percent and the highest since September according to Freddie Mac. The average 15-year rate rose to 2.81 percent from 2.71 percent. Real estate is rebounding as traditional homebuyers compete with investors for a shrinking inventory of homes.



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

http://www.marketwatch.com/story/initial-jobless-claims-jump-38000-to-368000-2013-01-31
http://www.bloomberg.com/news/2013-01-31/consumer-spending-in-u-s-climbed-in-december-as-incomes-surged.html
http://www.bloomberg.com/news/2013-01-31/u-s-mortgage-rates-rise-with-30-year-highest-in-4-months.html


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