| The KUIK Market Update for Friday, July 26: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (146) | points | 15,410 | 7:57 AM | ||
| S&P500 | Down | -0.79% | percent | 1,677 | (13.33) | ||
| Nasdaq Composite | Down | -0.63% | percent | 3,583 | 4.45 | ||
| 30 Year Treasury | Down | (3) | Basis Points | 3.64 | Annual Yield | ||
| Consumer sentiment in July rose to 85.1, marking the highest level in six years, according to the final University of Michigan/Thomson Reuters Consumer Sentiment poll. Economists expected 84.0. | |||||||
| President Obama appears to be leaning toward former economic adviser Larry Summers as his pick for the next chairman of the Federal Reserve, but he’s facing opposition from fellow Democrats worried about Summers’s track record, according to the Washington Post. The White House is currently gauging the level of pushback over Summers, who some Democrats oppose for his role in undoing Wall Street regulation when he served as Treasury secretary late in the Clinton administration | |||||||
| The Federal Reserve should maintain its $85 billion-a-month asset purchase plan into early next year, given the weak growth outlook, according to the International Monetary Fund’s staff assessment of the U.S. economy. The IMF has forecast only a 1.7% annual growth rate for the U.S. economy in 2013, below the Fed’s forecast of a 2.3%-2.6% rate. Many analysts think that the odds are high that the Fed will slow down the pace of its asset purchase program in September. The IMF said that the benefits of the Fed’s quantitative easing continue to outweigh the costs. But it added the central bank must continue to monitor carefully for signs of “financial market froth.” | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/consumer-sentiment-in-july-hits-6-year-high-2013-07-26 | |||||||
| http://www.marketwatch.com/story/some-democrats-oppose-summers-pick-for-fed-report-2013-07-25 | |||||||
| http://www.marketwatch.com/story/imf-staff-fed-should-not-taper-until-next-year-2013-07-26 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||