The KUIK Market Update for Tuesday, January 26:
Markets are up.
Index Direction Change Units Time
Dow Up 260 points 16,147 8:08 AM
S&P500 Up 1.2% percent 1,899
Nasdaq Composite Up 0.8% percent 4,552
30 Year Treasury Unchanged – Basis Points 2.80 Annual Yield
Home prices are up. The S&P/Case-Shiller 20-City Composite Index rose 0.1% in the three months ending in November, and is up 5.8% annually. That’s the strongest reading since July 2014. Portland was up the most, rising 11.1% compared to a year ago followed by San Francisco at 11%, and Denver at 10.9%. The composite index is still about 12% below its peak set in summer 2006, but Dallas, Denver, and Portland have all hit new highs and San Francisco is even.
The Conference Board reports that consumer confidence rose to 98.1 from a reading of 96.3 in December, better than the 96.2 expected by economists and the best reading since October.
The Shanghai Composite Index finished down 6.4% at 2,749.79. That was the index’s largest one-day percentage loss since the Chinese government got rid of a “circuit breaker” mechanism on Jan. 8. that is the first close below 2,800 for the first time since December 2014. It is now down 47% from its peak hit last June.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/home-prices-accelerate-to-fastest-pace-in-16-months-in-november-spcase-shiller-2016-01-26
http://www.marketwatch.com/story/consumer-confidence-rises-in-january-as-market-volatility-shrugged-off-2016-01-26
http://www.marketwatch.com/story/asian-stocks-slide-again-on-oil-weakness-2016-01-25?dist=lcountdown
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