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

4 years 2 months 4 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 – A father was sentenced in federal court Friday for threatening the attorney who represented one of his... More >>
7 hours 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 >>
7 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:56:00 PM CDT in News
JEFFERSON CITY - A motor vehicle collision left a man seriously injured Friday morning. Elmer Redcay, 62, was northbound... More >>
7 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:53:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri economic development officials have authorized more than $6 million of incentives to several businesses that... More >>
10 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 5:06:00 PM CDT in News
SPRINGFIELD (AP) — An Arkansas man faces up to a decade in federal prison now that he's admitted forcing a... More >>
10 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 4:28:00 PM CDT in News
CLAYTON (AP) — A St. Louis-area woman convicted in March of secretly poisoning her son with prescription medications has been... More >>
12 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 3:13:42 PM CDT in News
JEFFERSON CITY- A 16-year-old has been detained following the April murder of 63-year-old Jerry Robertson of Jefferson City. In... More >>
12 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 3:12:00 PM CDT in News
ST. CHARLES - A judge declared a mistrial in the case against Serghei Comerzan Friday afternoon. Jurors were not able... More >>
13 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 2:04:00 PM CDT in Continuous News
UPDATED 5/26/17 7:01 p.m. with new information. COLUMBIA - A 4-year-old child was taken to a hospital with life-threatening... More >>
13 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 1:20:00 PM CDT in News
BOONE COUNTY - Boone County deputies served a search warrant at 507 N. Garth Avenue in Columbia as the result... More >>
14 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 12:28:00 PM CDT in News
PLATTE COUNTY - Prosecutors plan to seek the death penalty against a 25-year-old northwest Missouri man if he is convicted... More >>
16 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 11:09:00 AM CDT in Top Stories
JEFFERSON CITY - Police have made an arrest in the investigation of a suspicious death in April. A 16-year-old... More >>
17 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 10:15:00 AM CDT in Top Stories
ST. LOUIS (AP) — The St. Louis Fire Department says it rescued a man after he became trapped between a... More >>
19 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:55:00 AM CDT in Top Stories
CAPE GIRARDEAU (AP) — A Cape Girardeau institute that helps autistic people will remain open despite losing its state funding.... More >>
19 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:26:35 AM CDT in News
ST. LOUIS (AP) — Saint Louis University officials say no one was injured when a fire broke out at a... More >>
20 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 6:56:00 AM CDT in News
JEFFERSON CITY - The Missouri Department of Transportation was preparing Friday for a weekend of heavy travel. AAA predicted... More >>
23 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 4:09:00 AM CDT in Top Stories
HOLTS SUMMIT - Callaway County Sheriff Deputies arrested two men after deputies found meth, marijuana and a firearm in their... More >>
1 day ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 11:36:00 PM CDT in News
JEFFERSON CITY – Gov. Eric Greitens called for the special legislative session on Monday, and it’s costing taxpayers thousands of... More >>
1 day ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 8:51:00 PM CDT in Top Stories
Columbia, MO
Broken Clouds 67°
4am 65°
5am 65°
6am 63°
7am 64°

Select a station to view its upcoming schedule:

Coming Up Next

3:00a
Mad Money
4:00a
LX.TV: 1st Look
4:30a
Paid Program
3:00a
Paid Program
3:30a
Paid Program
4:00a
Paid Program

Tonight's Schedule

7:00p
Fast & Furious 6
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld