Daily Market Update 11/17/11

Rates were little changed Thursday as nervousness about Europe was offset by stronger than expected economic data in the US.  European stocks fell after Spain’s borrowing costs rose sharply.  The average yield on their 10-year bond surged to 6.97% from 5.43% last month.  In the US, weekly Jobless Claims fell to 388,000, below the consensus forecast, to the lowest level in seven months.  October Housing Starts declined to an annual rate of 628,000, beating expectations.  The Philadelphia Fed Index, a broad measure of manufacturing activity in the region, fell to 3.6.  Readings above zero represent expansion in the manufacturing sector.  No other key data will be released today.

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