| The KUIK Market Update for Thursday, June 6: | |||||||
| Markets are up a little. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Up | 12 | points | 14,973 | 7:49 AM | ||
| S&P500 | Up | 0.10% | percent | 1,610 | 1.53 | points | |
| Nasdaq Composite | Up | 0.12% | percent | 3,406 | 3.24 | points | |
| 30 Year Treasury | Down | (0) | Basis Points | 3.26 | Annual Yield | ||
| The 30-year fixed-rate mortgage averaged 3.91% in the week ending June 6, up from 3.81% the prior week, according to Freddie Mac. That’s the fifth week in a row of gains, and comes amid worries the Federal Reserve will slow the rate of bond purchases. The 15-year fixed-rate mortgage rose above 3% for the first time in over a year, climbing to 3.03% from 2.98%. | |||||||
| The Commodity Futures Trading Commission has filed charges against US Bank for allegedly facilitating the embezzlement of customer funds by the jailed founder of Peregrine Financial Group a collapsed futures brokerage that collapsed. The civil charges filed today revolve around the bank’s oversight of accounts used by Peregrine founder and chief executive Russell Wasendorf Sr. to siphon client funds from the firm over a period of almost 20 years. The CFTC alleged that U.S. Bank “knowingly allowed and facilitated” Wasendorf’s transfers of millions of dollars of customer funds out of the account to pay for his private jet, his restaurant and divorce settlement, according to the complaint filed in U.S. District Court for the Northern District of Iowa. Customer funds also were used as collateral on loans to fund Peregrine’s $20 million headquarters building in Cedar Falls, Iowa, according to the complaint. U.S. Bank said in a statement that the charges were “without merit” and that it was a “victim of the same fraud — one that the CFTC failed to detect.” | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/mortgage-rates-climb-for-fifth-week-freddie-mac-2013-06-06 | |||||||
| http://www.marketwatch.com/story/us-bank-sued-over-peregrine-fraud-2013-06-06?dist=lcountdown | |||||||
| For today’s Market Update Report click to listen-> | |||||||