The Market Bull – March 27 2019
The major averages couldn’t hold their opening gains on mixed news closing with small losses as the Russia collusion story seemingly refuses to die.
The Mortgage Bankers Association reports that mortgage activity jumped 8.9% last week as refi’s surged 12.4% while purchase apps increased 6.4%. The 30-year contract rate for a Jumbo Loan slipped fractionally to 4.35%.
The Trade Deficit fell 8.8 billion in January to 51.1 billion as exports increased and imports fell. This data will give a small boost to what is shaping up to be a very anemic quarter for economic growth.
The current account deficit widened significantly in the 4th quarter of 2018 hitting 134.4 billion. Based on Gross Domestic Product or GDP the deficit reached 2.6%. As with other trade related indices the trade war, tariffs and the government shutdown have all put a crimp in exports driving larger imbalances in the process.
Standard and Poors 500 Index closed at: 2,805.37 down 13.09
NASDAQ finished the day: 7,643.38 down 48.15
Gold ended trading at: $1,308.90 down $6.10