Morning Market Report 1/2/2014

January 2, 2014
The KUIK Morning Market Report for Thursday, January 2:
Markets have opened the year on the downside.
Index Direction Change Units Last Time Change
Dow Down                    (77) points           16,500 7:01 AM
S&P500 Down -0.54% percent             1,838           (10.00)
Nasdaq Composite Down -0.80% percent             4,143           (33.52)
30 Year Treasury Down                      (2) Basis Points               3.94 Annual Yield
The Labor Department reports  initial unemployment claims dropped by 2,000 to 339,000 for the week ended December 28. that is the lowest level in four weeks. Claims were at 372,000 a year ago.
Markit reports December’s reading for the manufacturing purchasing managers’ index hit 55 an eleven month high, up from a prior estimate of 54.4 and November’s level of 54.7. Readings above 50 indicate expansion.  The good news is that growth is being led by rising demand for investment goods such as plant and machinery showing that  business spending is picking up on rising confidence.
Dr. Doom is getting optimistic. Nouriel Roubini called the economic downturn in 2008.  He has been getting more optimistic over the last few months.  ”The good news is that economic performance will pick up modestly in both advanced economies and emerging markets. The advanced economies, benefiting from a half-decade of painful private-sector deleveraging, a smaller fiscal drag, and maintenance of accommodative monetary policies, will grow at an annual pace closer to 1.9%.”
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/jjobless-claims-dip-by-2000-to-339000-2014-01-02
http://www.marketwatch.com/story/us-markit-pmi-in-december-at-11-month-high-2014-01-02-991953
http://blogs.marketwatch.com/thetell/2014/01/02/nouriel-roubini-a-k-a-dr-doom-is-getting-optimistic/
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