Daily Market Update 12/4/08

Mortgage rates eased Thursday morning as the European Central Bank (ECB) cut rates by a record 75 basis points, more than the 50 basis points most investors expected. In economic news, Weekly Jobless Claims came in at 509,000, below the consensus of 540,000. Factory Orders dropped 5.1% last month, greater than expected. Stocks were modestly lower. Traders will be closely watching tomorrow’s release of the Nonfarm Payrolls report for November for clues as to the severity of the economic downturn. Rates are likely to remain highly volatile in the meantime.

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