March 25, 2009
March 25, 2009 by admin
The stock market is hoping to continue moving in a positive direction following Tuesdays sell off as investors pulled profits off the table following the markets recent move up closing in on 15% for the month of March. Today, the market was greeted with the second positive report out of the housing industry this week. New home sales for the month of February were up over four percent, great news for the beleagured housing industry. The report could be a clear indication that the housing market could be working towards a bottom in the near future. The report is great news for home builders and home owners alike. The momentum from a rebound in the housing market could be a significant boost to the struggling U.S. economy. The fed appears committed to helping keep fixed rate mortgage loans at historic low levels, however rates have moved up slightly from last week when they made their FOMC announcement. The yield on the ten year bond has moved out of the 2.6 range and was trading at 2.77% in late action on Wednesday. The stock market is being influenced by treasury auctions and the assumptions of purchasing more corporate debt. International markets have been relatively flat in trading and it is possible the recent bull market run for U.S. equities could be running out of momentum.