Morning Market Report 2/21/2014

The KUIK Morning Market Report for Friday, February 21:
Markets are up.
Index Direction Change Units Last Time Change
Dow Up                     37 points           16,168 6:58 AM
S&P500 Up 0.18% percent             1,843             3.38
Nasdaq Composite Up 0.28% percent             4,280            12.13
30 Year Treasury Down                      (0) Basis Points               3.72 Annual Yield
Marketwatch reports that President Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to a Pensions & Investments report. The president also wants to limit the value of all tax deductions, defined contribution exclusions,  and IRA deductions to 28% of income, as well include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue
Retail beef prices are near record highs. During 2013, the price consumers paid for ground beef climbed roughly 5%, to an average $3.50 a pound. The USDA’s Economic Research Service projects that beef prices will rise faster than almost anything else this year up 7% to 8% in both 2014 and 2015.  The reason is  the cattle herd in the U.S. which is the largest beef producer in the world has fallen to an estimated 63-year low, according to Bloomberg.  Herd size is on the increase again, but it will take several years to move the cattle to market.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/obama-plan-cut-tax-breaks-for-rich-retirement-savers-2014-02-21
http://www.marketwatch.com/story/tomorrows-hamburger-may-cost-as-much-as-todays-steak-2014-02-20
For today’s Morning Market Report click to listen->