Monday Market UpDate

By
Mortgage and Lending with Roxy Redenbaugh (Acceptance Capital Mortgage Corporation)

Monday's bond market has opened in negative territory following a very strong opening in stocks and a stronger than expected piece of economic news. The stock markets are starting the month off with a rally that has the Dow up 174 points and the Nasdaq up 39 points. The bond market is currently down 10/32, which will likely push this morning's mortgage rates higher by approximately .125 of a discount point.

The Institute for Supply Management (ISM) posted their manufacturing index for July late this morning. They announced a reading of 55.5 that was a drop from June's reading but higher than forecasts. This means that manufacturer sentiment did fall last month, however, not by as much as many had thought. Therefore, this data can be considered favorable for stocks and negative for bonds.

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Rainer
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Linda Powers
Resort Realty - Duck - Duck, NC
On the Outer Banks

It's always good to have upbeat news on Monday!

Aug 02, 2010 09:13 AM #1
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Rainmaker
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Roxy Redenbaugh

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