Atlanta, GA Market Update - August 27, 2010

This morning opened with a rally in the stock market.  The rally comes after after Bernanke reassures investors that the Fed will take the necessary steps to help the economy recover.  In his speech, Bernanke gave a detailed analysis of the economy and said that growth during the past year has been "too slow" and unemployment "too high."  He stated "the Committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly." 

Moller Tech will reportedly bring 75 jobs to Elberton, GA. 

The 2^nd quarter GDP revision came in at 1.6%.  This was slightly better than the anticipated 1.4%.  The renewed optimism in stocks has now come at the expense of bonds and mortgages.  This news sparked an afternoon sell-off in Mortgage Bonds.

Mortgage bonds ended the day in very negative territory.  This is not good news for mortgage rates.