http://MikesDailyMarketReport.com: The Philly Fed Index rose from 15.4 in December to 23.2 in January. This index gauges the business/manufacturing in the Philadelphia region. This is good news based on the contraction in the NY region that was released earlier this week. Jobless Claims spiked to 286k last week, which should not be a surprise, as this is rather common at this time of year. This is due to the seasonal workers (from the Holidays) being let go from their jobs. Lastly, the Existing Home Sales dropped 4.6% in December, as it went from 6.48 seasonally adjusted annualized units in November to 6.18 million in December. Stocks are Up today as Yields seem to be showing some improvement and more companies release their Q4 Earnings Reports. We'll touch on Yields shortly! Meanwhile, MBS began the day much higher, like it did yesterday, but has subsided a bit since then. We're still Up about 17bps (off from earlier highs in the 30bps range). This is helping Mortgage Rates today with some improvement. Also, Yields have slid from it's 1.87% range to 1.83% range.
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