Maine Mortgage Market Wrap 02.09.2011

MARKET WRAP: The Bond markets hopped on the roller coaster today as volatility continues to dominate trading. Mortgage Bonds opened higher this morning after 7 straight days of losses, then fell, but were able to surge after the strong results from today’s 10-yr note auction. The 4% coupon rose 34bp to end the session at 96.78 and just below the daily high. Stocks spent most of the session near unchanged levels as investors took some profits after their recent run higher but the Dow did manage to squeak out a gain for its 8th straight winning session. The Dow rose 6.74 to 12,239.89, the Nasdaq fell 7.98 to 2,789.07 while the closely watched S&P 500 Index lost 3.69 to 1,320.88. Oil settled near unchanged at $86.71/barrel up 23 cents. The Treasury will sell $16B in 30-yr Bonds tomorrow while weekly initial claims will be reported at 8:30am ET.

 

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