Maine Mortgage Market Wrap

MARKET WRAP:Today was fueled by geopolitical news and the Bond was halted by resistance at the 50-Day Moving Average. Oil prices were on a roller coaster ride today trading as high as $103.41 and as low as $95.62 on the geopolitical news out of North Africa. The news went from the extreme that Gaddafi was about to employ chemical weapons to rumors that the dictator had been shot dead. The rumors were unfounded as oil closed near the bottom end of today’s range at $97.28/barrel down 82 cents. The Bond markets were able to push higher on the unrest in Libya as the 4% coupon rose 22bp to 98.28. Stocks spent most of the day well underwater on the Libyan news despite lower Initial Jobless Claims and a jump in Durable Orders but were able to pare those losses. The Dow fell 37.28 to 12,068.50, the S&P 500 Index lost 1.30 to 1,306.10 while the Nasdaq gained 14.91 to 2,737.90. Tomorrow’s economic data includes GDP – 2nd estimate and Michigan Sentiment.

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