The Market Bull – March 20 2019
Volatile trade sent the major averages into the close mixed. The lamestream media acknowledges that the trade war won’t be settled anytime soon. While Federal Reserve Chairman Jerome Powel goes dovish on monetary policy, surprising the pundits. Announcing that interest rates will be left unchanged this year, while the balance sheet normalization process will end in September. Honestly how far did they think the Fed was going to get with higher interest rates in the face of record debt levels?
The Mortgage Bankers Association reports that its mortgage activity index increased 1.6% last week. Refi’s jumped 3.5% while purchase apps gained just .3%. The 30-year jumbo rate for a conforming loan slipped to 4.37%.
Standard and Poors 500 Index closed at: 2,824.23 down .29
NASDAQ finished the day: 7,728.97 up 5.02
Gold ended trading at: $1,313.50 up $7.00