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

4 years 4 months 2 days 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
loading

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 - On Monday, Mayor Carrie Tergin presented her approved budget to the city council. Tergin calls the... More >>
6 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 9:08:00 PM CDT in News
COLUMBIA - Columbia College has seen drastic growth in enrollment and will spend $20-million to expand it's campus. Columbia College... More >>
9 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 6:16:00 PM CDT in News
FULTON - Fulton Medical Center announced the hospital will be closing no later than September 22 and the announcement comes... More >>
10 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 5:13:00 PM CDT in News
ARNOLD (AP) — Investigators said a motorist who died after a shootout with police along a busy Missouri interstate had... More >>
11 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 4:21:00 PM CDT in News
KANSAS CITY (AP) — More than 28,000 people in the Kansas City metro area remain without power after weekend storms... More >>
11 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 4:17:00 PM CDT in News
JEFFERSON CITY- Democrats voiced concerns over a veto by Governor Greitens after a public hearing Monday morning. The... More >>
11 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 4:08:00 PM CDT in News
JEFFERSON CITY - Two parents are dead and one child in stable condition after a carbon monoxide poisoning incident that... More >>
11 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 4:07:00 PM CDT in News
COLUMBIA – The University of Missouri is partnering with a Columbia-based company to fight a familiar condition in cancer patients.... More >>
12 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 3:35:00 PM CDT in News
Golf, softball, walking the dog… being in the sun means that we need to be diligent about protecting our skin.... More >>
13 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 2:44:00 PM CDT in News
ST. LOUIS (AP) — The St. Louis Police Department is looking at whether more training is necessary after an off-duty... More >>
13 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 2:33:25 PM CDT in News
JEFFERSON CITY (AP) — Some Democratic Missouri lawmakers are reviving efforts to prevent cuts to in-home and nursing care for... More >>
13 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 2:18:31 PM CDT in News
COLUMBIA - Police detectives arrested a man Sunday night after detectives connected him to a weekend shooting that left one... More >>
14 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 1:40:00 PM CDT in News
COLUMBIA - A petition to repeal the Affordable Care Act, commonly known as "Obamacare," was delivered to Sen. Roy Blunt’s... More >>
14 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 1:29:00 PM CDT in News
ST. LOUIS (AP) — A central Missouri woman has pleaded guilty to federal charges for defrauding her employer. Prosecutors... More >>
15 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 11:57:00 AM CDT in News
SUNRISE BEACH, Mo. (AP) — Authorities say one person has been flown to a hospital in serious condition and six... More >>
16 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 11:20:00 AM CDT in News
ST. LOUIS (AP) — St. Louis police say a 10-year-old boy who died after being shot in the head was... More >>
16 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 11:15:00 AM CDT in News
OSAGE BEACH, Mo. (AP) — Authorities say a man has drowned in the Lake of the Ozarks after jumping off... More >>
17 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 10:26:00 AM CDT in News
ST. LOUIS (AP) — A man is charged with attacking four homeless people with a hammer as they slept in... More >>
17 hours ago July 24, 2017 Jul 24, 2017 Monday, July 24 2017 Monday, July 24, 2017 10:22:00 AM CDT in News
Columbia, MO
Broken Clouds 69°
4am 70°
5am 69°
6am 69°
7am 69°

Select a station to view its upcoming schedule:

Coming Up Next

3:00a
Mad Money
4:00a
Early Today
4:30a
KOMU 8 News Today
3:30a
Paid Program
4:00a
Paid Program
4:30a
Paid Program

Tonight's Schedule

7:00p
America's Got Talent
9:01p
World of Dance
7:00p
The Flash
8:00p
DC's Legends of Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld