KOMU Market Report: FAA Tower Closures, Cyprus, Housing Market

3 years 1 month 1 week ago March 22, 2013 Mar 22, 2013 Friday, March 22 2013 Friday, March 22, 2013 8:20:00 PM CDT in News
By: Katie Brennan

COLUMBIA - Sequester budget cuts are the sole reason behind the FAA's decision to close the Columbia Regional Airport air-traffic control tower, along with towers at 148 other private airports across the country. This is just one attempt by the FAA to cut the $627 million in expenses by Sept. 30 that the sequester demands.

Yet, Wall Street seems to be shrugging off any potential sequester victims, and any other negative news for that matter. Turmoil in the tiny European nation Cyprus did not spark a major correction in stocks this week like some thought it would. That's as the bankrupt country edges closer to the Monday deadline from the Eurozone to find a rescue plan for its failing banks.

It was a wild week, but markets managed to rebound from their biggest drop in nearly a month to end on a positive note for the day. But, they finished in the red for the week. The Dow snapped a four-week win streak and the S&P 500 logged its second losing week this year.

The Dow increased 90.54 points, or 0.6%, to close at 14,512.03. Seven of its 30 components closed down. The Dow lost less than 0.01% this week.

The S&P 500 index gained 11.09 points, or 0.7%, closing at 1,556.89. Consumer discretionary and consumer staples stocks led the S&P's gains, but the index was down 0.2% for the week.

The Nasdaq Composite Index advanced 22.40 points, or 0.7%, to 3,245.00. Apple helped, gaining 2% today. But like the other indexes, the Nasdaq finished the week in negative territory, down 0.1%.

Markets were comforted by the Federal Reserve's promise to continue to pump money into the economy in the form of QE, while keeping borrowing rates at record lows. Investors were also encouraged by a slew of positive economic data out this week, especially in housing.
 
Construction of new homes and apartments in February shot up most in 5 years, while sales in existing homes rose to three year highs. Get this: homebuilders say that can't get a hold of enough land building materials and workers to keep up with demand.

Mid-Missouri falls in line with that trend. Single family home sales in Boone County are up month over month for January and February both and the president of Columbia's Board of Realtors told me she expects that trend to continue.

"We are going to see a slow trend in price increases, especially if interest rates stay the same or don't increase over that 4.5% mark for a while," said Jessica Kempf. 

Kempf added those signs point to a shift from a buyer's to a seller's market. Stocks are on upswing as well, but the long-awaited correction is on investor's minds.

Here's what could impact markets in the week ahead:

The first quarter comes to an end next week - believe it or not - and investors will turn their attention to corporate profits as earnings season starts. 

More News

Grid
List
JEFFERSON CITY - The Jefferson City Police Department said early Thursday it arrested a person after a shots fired incident... More >>
20 minutes ago May 05, 2016 May 5, 2016 Thursday, May 05 2016 Thursday, May 05, 2016 5:08:00 AM CDT in News
JEFFERSON CITY - A trial started Wednesday for a Jefferson City who man police say confessed to a murder a... More >>
10 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 7:15:00 PM CDT in News
COLUMBIA - MoDOT released a report showing the fatality rate during late-night hours is the highest it's been since 2012,... More >>
10 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 7:12:00 PM CDT in News
JEFFERSON CITY — Missouri Representatives voted Wednesday to send a voter ID bill to Gov. Jay Nixon's desk. House... More >>
11 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 5:51:00 PM CDT in News
TOPEKA, Kan. (AP) — Two Planned Parenthood affiliates have filed a federal lawsuit over Kansas' decision to cut off Medicaid... More >>
11 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 5:34:03 PM CDT in News
CAPE GIRARDEAU (AP) — Two white southeast Missouri school officials who are being sued by a black teenager say in... More >>
12 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:39:00 PM CDT in News
JEFFERSON CITY (AP) — Two-thirds of the Missouri House has voted to change how public union members pay dues, the... More >>
12 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:36:04 PM CDT in News
JOPLIN (AP) — State agricultural officials say 39,000 turkeys at a southwest Missouri farm have been destroyed after avian flu... More >>
13 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:27:58 PM CDT in News
ST. JOSEPH (AP) — Efforts are underway to reopen the old Tarkio College in northwest Missouri as a two-year institution.... More >>
13 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:12:27 PM CDT in News
FERGUSON (AP) — Ferguson is seeking to replace a city prosecutor criticized by a federal probe of the St. Louis... More >>
13 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:05:00 PM CDT in News
ST. LOUIS (AP) — Two police officers are among five people injured after fire broke out at a St. Louis... More >>
13 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:01:39 PM CDT in News
COLUMBIA — A Moberly man accused of killing a 92-year-old woman with a machete pleaded guilty Wednesday. Christopher D.... More >>
13 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 3:42:00 PM CDT in News
ST. LOUIS (AP) — A mother from suburban St. Louis alleges in a lawsuit that her 9-year-old son is prohibited... More >>
13 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 3:39:00 PM CDT in News
COLE COUNTY — A Cole County grand jury indicted the three men charged with a shooting in Jefferson City that... More >>
14 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 3:13:00 PM CDT in News
HARRISBURG — For most, homework is a hassle, but the promise of it paying off with a better quality of... More >>
15 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 2:00:00 PM CDT in News
CAMDEN COUNTY — The Camden County Sheriff’s Office has announced the newest addition to its team: Kaiser, a 21-month-old German... More >>
15 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 1:46:00 PM CDT in News
JEFFERSON CITY - The Missouri Senate overrode Gov. Jay Nixon's veto Wednesday on the bill that would have reduced the... More >>
18 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 10:53:00 AM CDT in News
COLUMBIA — An early morning accident on Route B sent two people to University Hospital. A total of three people... More >>
18 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 10:51:00 AM CDT in News
Columbia, MO
Broken Clouds 45°
6am 45°
7am 46°
8am 51°
9am 55°

Select a station to view its upcoming schedule:

Coming Up Next

5:00a
KOMU 8 News Today
6:00a
KOMU 8 News Today
7:00a
Today
5:00a
Paid Program
5:30a
Paid Program
6:00a
Are We There Yet?

Tonight's Schedule

7:00p
Strong
8:00p
The Blacklist
9:01p
Game of Silence
7:00p
DC's Legends of Tomorrow
8:00p
The 100
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld