Daily Market Update 8/19/10

Mortgage rates dipped Thursday on negative economic data, recapturing territory lost earlier this week. Weekly Jobless Claims rose unexpectedly to 500,000, the highest level of the year. The Philadelphia Federal Reserve manufacturing activity index came in at -7.7, compared to a consensus forecast of +7.5. Readings below zero indicate contraction in the manufacturing sector of the economy. Leading Indicators rose 0.1%, in line with expectations. Stocks moved sharply lower. No other data will be released today.

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