Durable goods orders for the month of May rose 1.9%, slightly more than the expected increase of 1.5%. Recall in April this report reflected a decline in orders of 2.7%. The positive number today reduces the growing concern that manufacturing is headed for a serious slowdown.
Thursday morning stocks opened down sharply creating a nice rally in U.S. Treasuries. The yield on the 10 year note fell below 2.90% in intraday trading and closed at 2.915%, while the DOW was lower by almost 200 points and closed down 60 points. Mortgage prices improved between .375% and .50%.
This morning stocks are again trading lower as are bonds. Mortgage pricing is slightly worse, however, at current interest rates this remains an exceptional time to purchase or refinance.
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