The KUIK Market Update for Thursday, January 14:
Markets are up.
Index Direction Change Units Time
Dow Up 170 points 16,321 8:12 AM
S&P500 Up 1.0% percent 1,910
Nasdaq Composite Up 0.7% percent 4,558
30 Year Treasury Up 3 Basis Points 2.88 Annual Yield
China’s Shanghai Composite Index had wild swings early today, taking out its lows from last summer’s selloff, before rebounding and closing up 2% to 3008.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.92% for the week ending January 14, down from last week’s 3.97%. A year ago it was 3.66%. The 15-year fixed 3.19% down from 3.26%. A year ago it was 2.98%.
Shale-oil billionaire Harold Hamm expects oil prices to double by year-end to $60 a barrel, in contrast to analyst projections that crude will slide toward $20 or below. In an interview with The Wall Street Journal, the founder and chief executive of Oklahoma-based Continental Resources predicted the global glut of crude will ease as U.S. shale producers scale down production. He also said OPEC is making a costly mistake in flooding the world with oil in an effort to force higher-cost producers out of business.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/european-stocks-set-to-hit-1-year-low-as-oil-china-spook-investors-2016-01-14
http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-fall-further-otcqb-fmcc-1238960
http://www.marketwatch.com/story/shale-billionaire-says-oil-to-rebound-to-60-a-barrel-by-year-end-2016-01-14
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