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Packed Schedule to Hit Markets
Volatility in the stock market left equities in a state of pessimism last week. The S&P 500 lost 4.02% in the five trading sessions, including a 2.81% loss on Friday, and the Dow tumbled 2.6% on the week to 9,713, pushing the 10k mark well out of distance. rnrnThe catalyst for Friday’s sell-off was speculation that CIT group, the commercial firm founded in 1908, would be forced to file for bankruptcy over the weekend. Those fears became a reality on Sunday as the company, with $64.9 billion in listed assets, became the fourth largest bankruptcy in US history.
Congress Passes Resolution to Extend Higher GSE Loan Limits through 2010
The resolution would extend the present conventional loan limits for Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas.rnThe floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.rnrnThe resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.
Markets Flat Ahead of Income Data
Upbeat earnings and the +3.5% GDP report helped US stocks jump around 2% yesterday, though the gains weren’t enough to wipe out losses from earlier in the week. The market is still down 2.9% from its annual high on October 19.rnrnThis morning Dow Futures are looking down 32.00 points at 9871.00, still a ways off from the 10k mark, and the S&P 500 looks to open 4.00 points lower at 1057.50.rnrnMeanwhile, the Treasury yesterday completed its record $123 billion issuance of government-backed securities. Despite the growing deficit, each auction was “heavily oversubscribed, drawing in a total of $372.4 billion in
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