Daily Market Update 5/7/09

Rates inched higher Thursday as mortgage-backed securities markets were hurt by signs of stronger global economic growth. Weekly Jobless Claims fell to 601,000, the lowest level since January. First quarter Productivity rose 0.8%, a bit more than expected. Unit Labor Costs, a measure of wage inflation, climbed 3.3%. Results of the government’s stress tests for 19 large financial institutions are scheduled to be released at 5:00 PM et. Stocks and the dollar moved lower, oil prices higher. Non-farm Payrolls for April will be released tomorrow morning.

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