| The KUIK Market Update for Tuesday, October 8: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (61) | points | 14,875 | 7:59 AM | ||
| S&P500 | Down | -0.44% | percent | 1,669 | (7.38) | ||
| Nasdaq Composite | Down | -1.02% | percent | 3,732 | (38.38) | ||
| 30 Year Treasury | Up | 1 | Basis Points | 3.71 | Annual Yield | ||
| The International Monetary Fund cut its forecast for world output in 2013 to 2.9%, compared to 3.2% in July and the global economy is expected to strengthen to a 3.6% rate in 2014, not the 3.8% rate previously expected. The IMF also lowered U.S. GDP forecasts to 1.6% in 2013 and 2.6% in 2014, compared with the July estimate of 1.7% and 2.8% due to tighter fiscal policy. Growth in the European Union was expected to improve to 1.3% in 2014 after being flat this year. Growth forecast for China have been reduced to 7.5% for 2013-2014 from 7.75%. | |||||||
| Thegovernment shutdown hasn’t affected Social Security benefits. But it’ll be a different story if the government doesn’t raise the debt ceiling, according to the Social Security Administration. The Wall Street Journal reports that the administration has begun warning consumers who call in to ask about the effects of the shutdown that if Congress and the White House don’t reach an agreement to increase the government’s borrowing limit, it can’t guarantee that benefits will be paid in full. The government is expected to hit the current debt limit on Oct. 17. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/downside-risks-building-in-global-economy-imf-2013-10-08 | |||||||
| http://blogs.marketwatch.com/encore/2013/10/07/social-security-issues-debt-ceiling-warning/ | |||||||
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