Morning Market Report 3/19/2013 | Beacon Rock Wealth Advisors

The KUIK Morning Market Report for Tuesday, March 19:

Markets are up.

Index	Direction	Change	Units	Last	Time	Change
Dow	Up	54	points	14,507	7:01 AM
S&P500	Up	0.32%	percent	1,557		5.00	points
Nasdaq Composite	Up	0.43%	percent	3,252		13.95	points
30 Year Treasury	Down	(2)	Basis Points	3.16	Annual Yield

Homebuilding is up. The Commerce Department reports construction on new U.S. homes rose 0.8% in February to a seasonally adjusted annual rate of 917,000. That’s the highest level since December. Economists polled by MarketWatch expected construction starts in February to rise to a rate of 913,000 from an original January estimate of 890,000. The government upwardly revised January’s starts rate to 910,000.

The government of Cyprus has submitted a fresh draft bill to parliament to recapitalize its banks. It will scrap a controversial levy on bank deposits below €20,000, according to Reuters. The new proposal sets a 6.75% rate for amounts between €20,000 and €100,000 and maintains a 9.9% tax on all deposits above that higher threshhold.

Tthe U.S. housing market saw negative equity narrow at the end of 2012, according to a report CoreLogic . Negative equity is when a borrower owes more on a mortgage than a home is worth. It narrowed $42 billion to reach $628 billion at the end of the fourth quarter down from $670 billion at the end of the third. About 21.5% of all homes with a mortgage had negative equity at the end of the fourth .



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

http://www.marketwatch.com/story/feburary-home-construction-rises-modestly-2013-03-19
http://www.marketwatch.com/story/cyprus-submits-new-draft-bill-on-bank-levy-report-2013-03-19
http://www.marketwatch.com/story/negative-home-equity-narrows-in-fourth-quarter-2013-03-19


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