Daily Market Update 1/28/11

Rates were little changed Friday, ending the week close to where they started. In economic news, preliminary Gross Domestic Product (GDP) estimates showed 3.2% growth in the economy during the fourth quarter of 2010, below the consensus forecast of +3.7%. However, consumer spending was stronger than expected, which is a positive sign for the economy in 2011. Consumer Sentiment rose to 74.2 in late January, beating expectations. Next week, the Chicago Purchasing Managers Index will be released on Monday, the Institute for Supply Management manufacturing index on Tuesday, and the closely-watched Employment Report on Friday. No other key data will be released today.

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