Daily Market Update 2/3/11

Mortgage rates moved higher Thursday on stronger than expected economic data. Weekly Jobless Claims fell to 415,000, below the consensus forecast of 425,000. Productivity rose 2.6%, beating expectations. The Institute for Supply Management services index rose to 59.4. Readings above 50.0 indicate expansion in the services sector of the economy. Factory Orders increased by 0.2%. A decline of 0.6% had been forecast. Fed Chairman Ben Bernanke will be holding a rare press conference this afternoon at 1:00 PM. The closely-watched Employment Report for January will be released tomorrow at 8:30 AM.

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