Treasury yields pushed higher Monday morning with the 10 year reaching 2.08% before rebounding late in the day. U.S. stock markets were giddy from reports of strong Thanksgiving holiday retail sales and investors pushed the DOW up 292 points.
This morning we were told housing prices for the month of September fell more than expected according to the latest S&P CaseShiller home price report. Prices fell 0.57% month-over-month to bring year over year prices to -3.59%.
On the positive side, consumer confidence for the month of November lurched higher, rising from 40.9 to 56.0, according to the Conference Board. Partial credit for this increase was given to the bounce in the equity markets during the month of October. Keep in mind since the survey was taken in mid November, the DJIA has dropped 479 points, new euro zone fears emerged, the deficit super-committee proved futile, and Fitch cut the U.S. long-term debt outlook to negative.
In reaction to the data and no negative news from Europe, U.S. stock markets are posting solid gains again this morning while Treasuries give back most of Monday afternoon’s improvement. Mortgage prices are flat to slightly worse from Monday’s late day price improvement.
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