Impressive comeback with the close above the 25-Day Moving Average. MARKET WRAP: Mortgage Bonds opened sharply lower this morning as investors moved into more riskier asset classes but as the trading day unfolded they were able to push higher but still closed in negative territory. The 4% coupon ended at 99.50 down 12bp but a far cry from the day’s low of 99.0. Today’s ISM Index turned out to be the highest in 7 months at 57.0 and nearly inline with expectations. Stocks finished well into positive territory but did close off the best levels of the session. Investors feel that improved economic data is leading to higher growth for the U.S. economy, which led to today’s rally and was supported by the ISM data. The finished at its best level since August 28, 2008 at 11,670.75 up 93.24. The S&P 500 finished at 1,271.87 up 14.23 while the Nasdaq rose 38.65 to 2,691.52. Oil ended at $91.55/barrel up 25 cents. Tomorrow there is no economic data but the Fed will release its minutes from the December 14 FOMC meeting.
Posts Tagged ‘ism data’
January 3, 2011 Leave a comment