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Treasury Auctions and Fed’s Beige Book
It’s another day of slow economic news but, unlike yesterday, US markets are looking down, potentially ending three days of gains. Globally, European equities are performing strong while China’s Shanghai Index post its seventh straight gain, but equities in Japan and Hong Kong each fell around 1%.rnrnThe only major release today with be at 2:00, when the Federal Reserve releases the Beige Book, an anecdotal summary of the economy written by each of the 12 District banks. With many economists believing the recession technically ended in May or June, analysts will look to the report to see how central bankers
Mortgage Applications Increase as Rates Tread Near 5%
Demand for mortgage loans and refinancing surged last week, spurred by a drop in mortgage rates, an industry survey said. Purchases also saw the largest weekly gain since early April.rnrnThe Mortgage Bankers Association (MBA) said interest rates for a 30-year loan moved down 13 basis points to 5.02% in the week ending September 2, causing demand for total new loan applications to hit their highest level since late May. The Market Composite Index ― which tracks the volume of mortgage applications ― climbed by 17% in the week, pushing the annual gain to a dramatic +64.5%.
Mid-Day Recap: Markets Seek Direction in Sideways Trading
Markets are moving sideways in what has been a slow day day on Wall Street. After having digested nonfarm payroll cutbacks over the long weekend, investors returned to the trading floor today looking for new direction. As of 2pm the S&P 500 leading the way as it trades up 0.65% to 1,023, followed by a 0.51% advance in the NASDAQ to 2,029, and a 0.37% climb in the Dow to 9,476.
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