Wall Street starts 2nd quarter 2008 off with a BANG. (And that's no April Fool's joke)
The Dow currently up 295 points on better than expected ISM Manufacturing Index. Economists were expecting this one to fall but the reading posted up to 48.6. (Keeping in mind that a reading under 50 suggest contraction in the market) Along with this, Oil drops to $100 a barrel and the dollar gains.
10 yr Treasury notes sell off leaving the yield up to 3.52% and pushing mortgage rates higher today. MBA purchase application reports tomorrow followed by Jobless Claims on Thursday.
Good Luck,
Tuesday, April 1, 2008
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