The KUIK Morning Market Report for Thursday, January 5:
Markets are mixed.
Index
Direction
Change
Units
Time
Dow
Down
(5)
points
19,937
7:13 AM
S&P500
Up
0.0%
percent
2,271
Nasdaq Composite
Up
0.3%
percent
5,494
30 Year Treasury
Down
(2)
Basis Points
3.03
Annual Yield
The Labor Department reports initial claims for unemployment benefits fell to 235,000 last week down from a revised 263,000. Economists expected 260,000. Continuing claims rose by 16,000 to 2.11 million in the week ended December 24. initial claims have been under 300,000 for 96 straight weeks, the longest stretch since 1970.
ADP reports job growth is strong but slowing. Employers added 153,000 private-sector jobs in December, below the market’s expectations, and down from November, which was cut to 215,000. Economists expected 172,000 jobs, compared with an original estimate of 216,000 for November.
Crude oil is up, trading near an 18-month high on upbeat sentiment that major producers will reduce output. February crude gained 0.8% to $53.69 a barrel on the New York Merc. Oil prices have jumped since late November, after OPEC and 11 other major oil-producing nations agreed to slash their collective production starting this month. The proposed cut is equivalent to 1.8 million barrels a day, or about 2% of the world’s daily oil production.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
