| The KUIK Market Update for Monday, June 23: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (29) | points | 16,918 | 8:02 AM | ||
| S&P500 | Down | -0.1% | percent | 1,961 | (1.86) | ||
| Nasdaq Composite | Down | -0.1% | percent | 4,364 | (4.52) | ||
| 30 Year Treasury | Down | (2) | Basis Points | 3.43 | Annual Yield | ||
| Economic activity accelerated in May, according to the Chicago Fed national activity index. The index rose to 0.21 in May from negative 0.15 in April, where a reading of zero is equal to trend growth. The index is a weighted average of 85 indicators of national economic activity. | |||||||
| The National Association of Realtors reports home prices rose for a second month. Sales of existing homes grew 4.9% in May to a seasonally adjusted annual rate of 4.89 million. A strengthening labor market, expanding inventories and recent drops in mortgage rates are supporting sales, said Lawrence Yun, NAR’s chief economist. Economists polled by MarketWatch expected a May sales rate of 4.75 million. The median sales price of used homes hit $213,400 in May, up 5.1% from a year ago. May’s inventory was 2.28 million existing homes for sale, a 5.6-month supply at the current sales pace. Despite May’s increase, the pace of sales was down 5% from a year earlier, hit by affordability that had trended down since the summer of 2013, among other factors. But Yun said recent economic improvements signal that sales rates may continue to increase. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/economic-growth-accelerates-in-may-national-activity-index-shows-2014-06-23 | |||||||
| http://www.marketwatch.com/story/existing-home-sales-rise-49-in-may-2014-06-23 | |||||||
| For today’s Market Update Report click to listen-> | |||||||