The Market Bull – December 5, 2018.
With the markets closed today in honor of G.W. Bush’s funeral it’s a quiet day. Which is just as well after yesterday’s blood bath.
The Mortgage Bankers Association reports that mortgage activity advanced 2% last week. Refi’s jumped 6.2% and purchase apps gained .8%.
The 30-year contract rate for a jumbo loan increased fractionally to 4.89%.
The Beige Book on regional economic activity reported more moderate to modest economic activity through late November. Nothing really new, manufacturing and farming remain negatively influenced by tariffs. Labor markets remain tight as employers struggle to attract new hires with the wages being offered. Unlike president Trump who figures that consumers can easily absorb a 10% price increase due to tariffs. Beige Book participants figure that consumers can handle a small price increase, but no more, and certainly not 10%.
Standard and Poors 500 Index closed Tuesday at: 2,700.06 down 90.31
NASDAQ finished Tuesday: 7,158.43 down 283.09
Gold ended trading Tuesday: $1,243.60 down 3.00
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