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

4 years 2 months 5 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
ST. LOUIS (AP) — St. Louis police say a man who barricaded himself inside a home repeatedly fired at officers... More >>
12 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 6:54:00 PM CDT in News
KANSAS CITY, Mo. (AP) — Kansas City, Missouri, police say they are searching for a man who shot two people,... More >>
12 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 6:46:00 PM CDT in News
COLUMBIA - A new business pushes it’s clients to their limit and has them sweating bullets. Two former NFL... More >>
14 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 5:06:00 PM CDT in Sports
COLUMBIA - A resettlement agency supporting refugees had a surplus in donations, so it decided to sell some of its... More >>
14 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 4:47:00 PM CDT in News
As of 6:00 p.m. 23,491 Electric Cooperative member-consumers are without power As of 5:37 p.m. Saturday, Ameren reports that... More >>
15 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 4:21:00 PM CDT in Top Stories
JEFFERSON CITY - Traditional Native American food, crafts and dancing can be found at the tenth annual "For the People"... More >>
15 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 3:48:00 PM CDT in Top Stories
COLUMBIA - Two teens were arrested early Saturday morning in relation to an armed robbery Friday night. Columbia Police... More >>
15 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 3:46:00 PM CDT in Top Stories
BOONE COUNTY - One person was extricated from a vehicle and taken to the hospital with serious injuries after a... More >>
16 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 2:53:00 PM CDT in Top Stories
COLUMBIA— The start of the ninth annual Pedaler’s Jamboree was held on Saturday. Nine years ago when the event... More >>
17 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 2:24:00 PM CDT in Continuous News
COLUMBIA - The 29th Annual Salute to Veterans Air Show is scheduled for Saturday, May 27, and Sunday, May 28... More >>
17 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 2:10:00 PM CDT in News
JEFFERSON CITY - Three people were taken to hospitals by emergency personnel following a three-car wreck Saturday morning. A... More >>
18 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 1:08:00 PM CDT in Top Stories
COLUMBIA – Public pools in Columbia opens for Memorial Day weekend, but they are still looking for more people to... More >>
20 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 11:29:00 AM CDT in News
SPRINGFIELD, Mo. (AP) — Two months after the idea was first introduced to leaders in Springfield, Missouri, the city's new... More >>
20 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 11:13:00 AM CDT in News
ST. LOUIS (AP) — St. Louis police say a man who exchanged gunfire with officers during an hours-long standoff has... More >>
20 hours ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 11:09:00 AM CDT in News
JEFFERSON CITY (AP) — Lawmakers have passed a proposal in a special session that supporters hope will bring hundreds... More >>
1 day ago May 27, 2017 May 27, 2017 Saturday, May 27 2017 Saturday, May 27, 2017 5:13:00 AM CDT in News
JEFFERSON CITY – A father was sentenced in federal court Friday for threatening the attorney who represented one of his... More >>
1 day ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 8:04:00 PM CDT in Top Stories
OSAGE BEACH – People going to Lake of the Ozarks this Memorial Day Weekend may encounter severe weather, dampening the... More >>
1 day ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:56:00 PM CDT in Top Stories
JEFFERSON CITY - A motor vehicle collision left a man seriously injured Friday morning. Elmer Redcay, 62, was northbound... More >>
1 day ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:53:00 PM CDT in Top Stories
Columbia, MO
Broken Clouds 62°
8am 63°
9am 65°
10am 68°
11am 71°

Select a station to view its upcoming schedule:

Coming Up Next

7:00a
Formula One Racing
9:00a
Meet the Press
10:00a
Give
7:30a
In Touch with Dr. Charles Stanley
8:30a
The Key of David
9:00a
Campmeeting

Tonight's Schedule

7:00p
American Ninja Warrior
8:00p
American Ninja Warrior
6:00p
A Thousand Words
8:00p
Marvel's Agents of S.H.I.E.L.D.
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld