Daily Market Update 1/3/12

Mortgage rates inched higher Tuesday as U.S. financial markets reopened following the New Year’s holiday.  Stocks moved higher on improved investor confidence in the global economy.  In economic news, the Institute for Supply Management manufacturing index rose to 53.9 from 52.7, beating forecast.  Readings above 50.0 indicate growth in the manufacturing sector.  Minutes from the December 13th FOMC meeting of the Fed will be released at 2:00 PM.  The big news for the week will be Friday’s Employment Report.

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