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

6 years 10 months 3 weeks ago Friday, March 22 2013 Mar 22, 2013 Friday, March 22, 2013 8:20:00 PM CDT March 22, 2013 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
COLUMBIA – Members of Rock Bridge High School’s Students Demand Action group hosted a forum Sunday where local leaders answered... More >>
2 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 7:07:00 PM CST February 16, 2020 in News
LACEDE COUNTY- One teen died and three others suffered injuries in a single-car-accident Saturday afternoon. The driver of the... More >>
3 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 5:48:00 PM CST February 16, 2020 in News
VIENNA- On Thursday, February 13, Task Force Officers, Vienna Police Department, and the Maries County Sheriff’s Office executed a search... More >>
4 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 4:43:00 PM CST February 16, 2020 in News
ST. LOUIS COUNTY (AP) — Two teenagers have been arrested in connection with a fatal shooting last week, and authorities... More >>
5 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 4:00:00 PM CST February 16, 2020 in News
HALLSVILLE- A house fire broke out off North Frink Road Sunday afternoon. Firefighters found a fire in the attic... More >>
7 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 2:19:00 PM CST February 16, 2020 in News
CAMDEN COUNTY — Linn Creek, Missouri Police Chief Greg Berry was arrested Saturday afternoon by the Missouri State Highway Patrol.... More >>
10 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 11:32:00 AM CST February 16, 2020 in Top Stories
COLUMBIA — Two women were seriously injured after head-on collision between a Prius and a semi-truck early Sunday morning, according... More >>
11 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 10:41:00 AM CST February 16, 2020 in News
COLUMBIA - A new route and a new bus shelter will be added at the intersection of Rice Road and... More >>
11 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 10:00:00 AM CST February 16, 2020 in Top Stories
COLUMBIA - Thousands of people and more than 300 gallons of chili filled the Expo Center Saturday for the 15th... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 7:50:00 PM CST February 15, 2020 in News
COLUMBIA — Runners braved the cold weather Saturday morning for the R.A.M.S 5K. R.A.M.S is a nonprofit MU organization... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 6:44:00 PM CST February 15, 2020 in News
FESTUS (AP) — Police in eastern Missouri say a 73-year-old man has been shot to death, and his 42-year-old son... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 5:28:00 PM CST February 15, 2020 in News
COLUMBIA - One of Missouri State Highway Patrol's vehicles was struck by a semitruck late Thursday night. MSHP shared... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 4:44:00 PM CST February 15, 2020 in News
COLUMBIA - Don Allard, who served as Columbia’s city manager for 12 years, died Wednesday in Arvada, Colorado, after a... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 4:10:00 PM CST February 15, 2020 in News
COLUMBIA - Four candidates are running for three open seats on the Columbia School Board. Although there are less... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 3:41:00 PM CST February 15, 2020 in News
JEFFERSON CITY - Local nonprofit Building Community Bridges held its monthly community day Saturday afternoon. Saturday's event had a... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 3:00:00 PM CST February 15, 2020 in News
CAPE GIRARDEAU (AP) — A jury has awarded $265 million in punitive damages to a Missouri peach grower who sued... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 2:41:00 PM CST February 15, 2020 in News
COLUMBIA -The mid-Missouri Harley-Davidson hosted its monthly event today to raise money for the Juvenile Diabetes Research Foundation. The... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 2:36:00 PM CST February 15, 2020 in News
LAKE ST. LOUIS — Authorities in eastern Missouri said two Kentucky mothers and their 12-year-old daughters were killed in a... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 2:28:00 PM CST February 15, 2020 in News
Columbia, MO
Broken Clouds 42°
10pm 39°
11pm 38°
12am 38°
1am 39°