Daily Market Update 9/29/08

Mortgage rates inched lower Monday as traders await further news on the proposed $700 billion rescue plan. Many lawmakers have expressed opposition to the plan but it is expected to pass within days. Also making headlines, Citigroup will purchase Wachovia, another firm which did not survive losses from mortgage investments. Today’s economic data was mostly overlooked, as August Personal Income came in much lower than forecast. Domestic and foreign stock markets moved sharply lower. Oil prices fell to around $100 pb. The dollar traded higher against the euro.

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