The KUIK Morning Market Report for Thursday, May 18:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
4
points
20,612
7:16 AM
S&P500
Up
0.3%
percent
2,364
6.70
Nasdaq Composite
Up
0.7%
percent
6,051
39.66
30 Year Treasury
Down
(1)
Basis Points
2.89
Annual Yield
The Philadelphia Fed said its manufacturing index jumped to a reading of 38.8 in May from 22 in April. Economists expected only 19.6, and was the tenth month above zero indicating improving conditions. The index hit a recent peak of 43.3 hit in February. New-orders fell but shipments rose. The index is stronger than the Empire State factory index, released last Monday. It fell to its first negative reading since the election.
The Labor Department reports new applications for unemployment insurance fell by 4,000 to 232,000 last week. Economists expected a seasonally adjusted 240,000. Continuing claims fell by 22,000 to 1.9 million the week before. That’s the lowest level in 29 years.
Conference Board reports the leading economic index rose 0.3% in April and pointed to faster growth in the spring after a weak first-quarter gross domestic product. That follows a 0.5% gain in March.The index is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
