The KUIK Morning Market Report for Thursday, December 31:
Markets are down.
Index Direction Change Units Time
Dow Down (90) points 17,512 7:04 AM
S&P500 Down -0.5% percent 2,053
Nasdaq Composite Down -0.6% percent 5,036
30 Year Treasury Down (2) Basis Points 3.02 Annual Yield
The Labor Department reports new applications for U.S. unemployment benefits jumped by 20,000 to 287,000 the week ended December26. This is the largest weekly increase since February and claims are at their highest level since July 4. Economists expected only 275,000 new claims. Continuing claims rose by 3,000 to almost 2.2 million, the week ended December 19.
Marketwatch reports the Chicago Purchasing Managers index ell to 42.9 from November’s 48.7. Economists expected 50. Order backlogs were the biggest drag, dropping 17.2 points to 29.4. That’s the lowest since May 2009 and marked the 11th-straight month in contraction. 1951 is the last time there was such a sharp drop. New orders also sank to their lowest level since May 2009. 55.1% of survey respondents said they expect stronger demand in 2016 than in 2015.
Markets close at 1 pm today, their usual time, and will be closed tomorrow in honor of New Years Day.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/jobless-claims-jump-20000-to-287000-2015-12-31
http://www.marketwatch.com/story/chicago-pmi-plummets-to-429-lowest-since-2009-2015-12-31
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