Market Update Report 2/3/2014 | Beacon Rock Wealth Advisors

The KUIK Market Update for Monday, February 3:

Markets are down.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	(151)	points	15,547	8:02 AM
S&P500	Down	-0.99%	percent	1,765		(17.66)
Nasdaq Composite	Down	-1.10%	percent	4,059		(45.17)
30 Year Treasury	Down	(4)	Basis Points	3.58	Annual Yield

U.S. manufacturers expanded in January at the slowest rate in eight months as new orders fell. The Institute for Supply Management index sank to 51.3% in January down from December’s 56.5%. That’s the lowest level since last May. Economists surveyed by MarketWatch expected a drop to 56.0%.

Treasury Secretary Jacob Lew today urged Congress to “act now” to raise the U.S. debt limit. “Time is short,” he said, speaking at the Bipartisan Policy Center, noting the debt limit is suspended through Friday. He repeated that Treasury would likely exhaust extraordinary measures to keep borrowing by late February. Republicans have said they want concessions for raising the debt limit. At the same time, House Speaker John Boehner has said Republicans don’t want to default on the debt, calling that “the wrong thing.”

China’s official purchasing managers index fell to 50.5 in January, compared with 51 in December, according to the National Bureau of Statistics, in a statement released Saturday. That was in line with expectations. A reading above 50 indicates expansion in manufacturing activity. New orders, new export orders, and employment all fell.



Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.

http://www.marketwatch.com/story/us-stocks-edge-lower-on-china-slowdown-fears-2014-02-03?link=MW_Nav_MA
http://www.marketwatch.com/story/congress-must-act-now-on-debt-limit-lew-says-2014-02-03
http://www.marketwatch.com/story/chinas-official-manufacturing-gauge-slips-in-january-2014-02-02?dist=lcountdown


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