The KUIK Market Update for Friday, December 18:
Markets are down.
Index Direction Change Units Time
Dow Down (228) points 17,262 7:43 AM
S&P500 Down -1.1% percent 2,019
Nasdaq Composite Down -0.9% percent 4,957
30 Year Treasury Down (2) Basis Points 2.92 Annual Yield
The House today passed a $1.1 trillion bill to fund the federal government through the end of the fiscal year that ends on Sept. 30. The bill now heads to the Senate, which is expected to vote on it later today. Besides funding the government, the bill ends the ban on U.S. crude oil exports and postpones the “Cadillac tax” on expensive health-care plans for two years. The vote was 316 to 113.
The House also voted yesterday to make many tax breaks permanent, including a research-and-development credit for businesses, and deduction of state and local sales taxes. The package would also permanently lock in increased levels of expensing for small businesses, enact an expanded Earned Income Tax Credit, and allow tax-free donations from individual retirement accounts. For years, Congress has renewed the extenders, retroactively and that has led to uncertainty. Republicans said the bill would help managers plan. The vote was 318 to 109.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/house-passes-11-trillion-government-funding-bill-2015-12-18?link=MW_home_latest_news
http://www.marketwatch.com/story/these-are-the-tax-breaks-congress-may-extend-forever-2015-12-17
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