Daily Market Update 6/28/11

Mortgage rates continued their upward trend Thursday as the Fed’s quantitative easing program is scheduled to end today.  Investors have grown less concerned about the risks posed by Greece following passage of new austerity measures, causing funds to be shifted from bonds to stocks over the past two days, pushing rates higher.  Investors have also been reluctant to add to bond positions until the impact of the decreased demand from Fed purchases is known.  In economic news, weekly Jobless Claims fell slightly to 428,000, above forecast.  The Chicago Purchasing Managers Index rose to 61.1, easily beating expectations.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Stocks moved sharply higher.  No other key data will be released today.

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