The KUIK Market Update for Wednesday, February 17:
Markets are up.
Index Direction Change Units Time
Dow Up 211 points 16,408 8:04 AM
S&P500 Up 1.5% percent 1,924
Nasdaq Composite Up 1.9% percent 4,518
30 Year Treasury Up 6 Basis Points 2.70 Annual Yield
The Commerce Department reports housing starts fell 3.8% in January to a seasonally adjusted annual rate of 1.1 million. Economists expected 1.17 million. Permits, which indicated future starts,fell 0.2% to an annual rate of 1.2 million. That’s 13.5% higher than the same period a year ago.
Minutes from the Federal Reserve’s January meeting are due at 11 am Pacific time. Last week, Fed Chairman Janet Yellen acknowledged in testimony to Congress that concerns about the global economy could cloud the U.S. economic outlook and may slow the pace of future rate hikes.
The Federal Reserve reported that industrial output climbed 0.9% in January. This was above the 0.3% gain expected by economists and the the first increase since July. This is only the second monthly increase in industrial production over the past year, and December was revised downward by 0.3% to negative 0.7%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/housing-starts-dip-38-in-january-to-annual-11-million-rate-below-forecasts-2016-02-17
http://www.marketwatch.com/story/wall-street-set-for-rally-as-investors-hope-for-dovish-fed-minutes-2016-02-17
http://www.marketwatch.com/story/gains-in-utilities-and-manufacturing-lift-industrial-output-in-january-2016-02-17
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