The KUIK Market Update for Thursday, February 18:
Markets are mixed.
Index Direction Change Units Time
Dow Up 21 points 16,474 7:17 AM
S&P500 Down -0.1% percent 1,924
Nasdaq Composite Down -0.3% percent 4,520
30 Year Treasury Down (3) Basis Points 2.66 Annual Yield
The Labor Department reports that initial claims for unemployment benefits fell by 7,000 to 262,000 in the week ended February 13. That’s the lowest number since the last week of November. Continuing claims increased by 30,000 to 2.27 million the week ended February 6.
March Crude oil is up by 2.7% to $31.47 a barrel on news Iran supports an agreement for other producers to freeze production as a first step in stabilizing prices, even though Iran itself will not comply. It’s refusal to cap production beyond January levels,as agreed by Russia, Saudi Arabia, Qatar, and Venezuela earlier this week, raises the question of whether those countries will stay committed to the plan.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.65% for the week ending February 18, unchanged from last week. A year ago it was 3.76%. The 15-year was also unchanged from last week’s 2.95%. A year ago it was 3.05%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/jobless-claims-fall-to-262000-hit-3-month-low-2016-02-18
http://www.marketwatch.com/story/crude-adds-to-gains-after-iran-says-it-supports-production-freeze-2016-02-18
http://freddiemac.mwnewsroom.com/press-releases/fixed-mortgage-rates-unchanged-otcqb-fmcc-1244678
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