Daily Market Update 4/18/11

Mortgage rates were little changed Monday. Ratings agency Standard & Poor’s downgraded the outlook for US debt to “negative” from “stable” this morning on concerns that “policy makers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013”. Stocks and the dollar fell sharply, while gold prices hit a new record high. No economic data will be released today.

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