Daily Market Update 3/2/09

Mortgage rates inched higher Monday, moving in opposite direction from Treasuries. Mortgage-backed securities’ yields were little changed this morning but increased late Friday. January Personal Income rose 0.4%, well above forecast. A number of one-time factors such as military bonuses were responsible for the results. Construction Spending declined 3.3%, more than expected. The Institute for Supply Management factory index rose slightly, indicating contraction in the manufacturing sector may be slowing. Stocks and crude oil prices fell sharply. The Dow Jones Industrial Average moved below 7,000 for the first time since October 1997. Several key economic reports are due out this week, most notably February Non-farm Payrolls, to be release Friday.

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