Maine Mortgage Market Wrap 02.22.2011

MARKET WRAP: Tensions in the Mideast led investors to the safe haven of the Bond markets today and sent shockwaves through the Stock markets. Libyan dictator Gadhafi tried to cling to power today after a 42 year reign as he tried to push the Airforce to fire on their own people. The 4% coupon surged 53bp to end the session at 98.09, near the highs of the session. Stock markets plunged on the news with the Dow falling 178.46 to 12,212.79, the S&P 500 fell 27.57 to 1,315.44 while the Nasdaq lost 77.73 to end at 2,756.42. Oil prices soared on the Mideast unrest as the problems could disrupt oil flow – Lt. Sweet Crude rose $7.37 to $93.57/barrel for March, which is expiring today. The April contract rose $5.71 to $95.42/barrel, which will be in focus starting tomorrow. Existing Home Sales will be released tomorrow. The Treasury will sell $35B 5-year Notes on Wednesday.

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