Daily Market Update 6/1/09

Interest rates rose again Monday as stocks rallied on fresh economic data indicating the economy has begun to stabilize. Personal Income rose 0.5% last month, beating consensus forecast of -0.2. Construction Spending increased 0.8% in April. A decline of 1.8% had been expected. The Institute for Supply Management reported the smallest contraction in U.S. manufacturing in 8 months. Mortgage-backed securities are likely to remain volatile throughout the week ahead of this Friday’s Non-farm Payrolls report for May.

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