Thursday, March 20, 2008, 5:30 PT The Wild Ride Continues ... Mortgage bonds underwent another "Roller Coaster" day. The 5.5% Mortgage Bond closed down 16 basis points on the day. Bond market is closed tomorrow in observance of Good Friday. Initial Jobless Claims report which showed further weakness in the labor sector by rising to 378,000 claims ... well above estimates for 360,000 claims. Bonds recovered some of their losses on rumors that commercial finance company CIT Group may be experiencing "liquidity problems." Bonds lost ground when following a better than expected earnings report from shoe manufacturer Nike, Inc. ... and a better than anticipated Philadelphia Fed Manufacturing Index. Stocks: The Dow Jones Industrial Average gained 261 points to close at 12,361. The NASDAQ Composite Index bounced back with a 48 point gain to close at 2,258 while the broader S&P 500 Index recovered 31 points to close at 1,329. Good Night ... We Awaken to Good Friday ... TGIF! Greg Rielly |
Comments (0)Subscribe to CommentsComment