The KUIK Market Update for Thursday, January 21:
Markets are up.
Index Direction Change Units Time
Dow Up 128 points 15,909 8:02 AM
S&P500 Up 0.8% percent 1,873
Nasdaq Composite Up 0.6% percent 4,499
30 Year Treasury Up 1 Basis Points 2.77 Annual Yield
The Labor Department reports that new claims for unemployment benefits climbed by a seasonally adjusted 10,000 to 293,000 in the week ended January 16. That’s the highest level since July. Continuing claims fell by 56,000 to 2.21 million the week ended January 9.
Saudi Arabia is trying to stop speculators from betting against its currency. Authorities this week ordered banks to limit traders’ ability to bet against the riyal in the futures market to protect its nearly 30-year old peg to the dollar, according to Bloomberg. The riyal is pegged at 3.75 to the dollar and has come under pressure as speculators pile into bets against the currency as falling oil prices have depleted the kingdom’s foreign currency reserves. The country has reduced subsidies and introduced new taxes to help close a budget shortfall and scale back its dependence on oil revenues.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/jobless-claims-jump-again-to-7-month-high-2016-01-21
http://www.marketwatch.com/story/saudi-arabia-moves-to-protect-currency-peg-2016-01-20?dist=lcountdown
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