Maine Mortgage Market Wrap 02.07.2011

MARKET WRAP: Mortgage Bonds fell today for a 6th straight session pressured lower by rising Stock markets. Stocks were fueled by M&A deals and by economic optimism. Continued inflation fears and Treasury supply issues were the catalysts in the move lower by Bonds. The 4% coupon finished the session at 97.53 down 16bp but did manage to rally from the morning lows. and this could lead to a switch to the 4.5% coupon in the near future. The Dow rose 69.40 to 12,161.55 for its 6th straight daily gain, its longest winning streak in 3 months. The S&p 500 Index gained 8.18 to 1,319.05 while the Nasdaq jumped 14.69 to 2,783.99. Oil settled at $87.48/barrel down $1.53. There were no economic reports today and none on Tuesday. Tomorrow the Treasury will sell $32B in 3-yr t notes tomorrow with the results to be released at 1:00pm ET.

Published by Seth Jacobs

Mortgage Broker, Disc Golfer and First Person Shooter Fan living in Vacationland.

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