Daily Market Update 7/17/08

Rates moved higher in a volatile session on Thursday. Housing Starts rose unexpectedly, while first time unemployment claims dipped below forecast. Stocks were generally higher as concerns over the stability of major financial institutions eased. Treasury Secretary Henry Paulson tried to rally support in Congress for the Bush Administration’s plan to rescue Fannie Mae and Freddie Mac. The proposal has met resistance in recent days, primarily among Republicans, citing concerns over the cost and questioning the need for such drastic measures.

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