Daily Market Update 3/19/09

Interest rates plunged Thursday morning following yesterday’s Fed announcement. The Federal Reserve will purchase an additional $750 billion of mortgage-backed securities from Fannie Mae and Freddie Mac and up to $300 billion in long-term Treasurys to help lower rates and stimulate the economy. Retail mortgage rates came under some pressure this afternoon as lenders struggled with capacity concerns due to the high volume of refinances. In economic news, weekly Jobless Claims came in close to consensus. Leading Indicators fell 0.4%, a bit less than expected. Stocks moved lower as oil prices surged and the dollar sank on investor concerns over yesterday’s Fed action.

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