Market commentary

Private-sector employment increased by 201,000 from February to March, according to the latest ADP National Employment Report released today, and February’s job growth was revised down to 208,000 from 217,000. The Mortgage Bankers Assn. told us mortgage applications fell 7.5% for the week ending March 25. Applications for purchases fell 1.7% while applications for refinance fell 10.1%. In addition to the above data, which the market has already absorbed, the U.S. Treasury will auction $29 billion of 7 year notes, which follows Wednesday’s mediocre 5 year note auction. The market reactions to this are a slight improvement in bond prices and a decent rally in the U.S. stock markets.