New orders at U.S. factories rose 0.7% in November handily beating the estimated growth of 0.1%. Stocks continue into positive territory on this news adding to gains from the first trading session of 2011. Bond prices are moving higher as well, meaning interest rates are slightly lower. The benchmark 10 year note is trading at 3.31% this morning and mortgage prices are better by approximately .125%.
Later today the Fed will release the minutes from the December Federal Open Market Committee meeting. Most attention will be paid to what the committee said about the market response to QE2 (the second round of quantitative easing).
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