Blog
Mid-Day Recap: Indifferent Markets Lead to Choppy Trading
At 1:30 the S&P is 0.44% lower to 1,023, while the Dow is essentially flat, -0.01% to 9,542, and the NASDAQ is -0.87% to 2006. On the debt side of the market the Treasury Department has successfully auctioned $28 billion 7 year notes. Following the auction the rates market rallied a bit but quickly returned to pre-auction price levels. It has been a choppy day for stocks.
Treasury Pushing Servicers To Take Preventive Actions
Some of the lenders and servicers most closely associated with conditions that led to the subprime mortgage meltdown are now in line to receive billions of dollars in incentives to modify mortgages in their portfolios - mortgages that they have appeared reluctant to touch in the past.
GDP Revisions Consistent with Growth in Current Quarter
Investors were confident that second quarter GDP, originally reported at -1%, was going to be revised lower by half a percentage point, and some were even pleased by that premonition, in hopes that the greater the fall, the quicker the recovery. In reality, the more complete GDP report also reported a 1% cutback. rnrnYet the results are still encouraging. Inventories were slashed further than first reported (-$159.2 billion compared with -$141.1 billion), as expected, but consumer spending, which represents two-thirds of the economy, was not as weak (-1.0% compared with -1.2%).
Latest Articles
By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...
Late-Stage Delinquencies are SurgingAug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...
Published by the Federal Reserve Bank of San FranciscoIt was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...