The Market Bull – November 14, 2018
The major averages couldn’t hold their early gains closing with modest losses on little real news as tech takes another beating. Crypto currencies get battered again. Bitcoin breaks decisively below $6,000.
The Mortgage Bankers Association reports that mortgage activity fell 3.2% last week as refi’s dropped 4.3% and purchase apps slipped 2.3%. The 30-year contract rate for a jumbo loan increased fractionally to 4.98%.
The October Consumer Price Index or CPI gained .3% as expected. Like the Producer Price Index the numbers are odd. Food prices fell .1% for the month but energy costs marked a hefty 2.4% advance. Yet energy prices, particularly gasoline and oil, fell notably in October, with the exception of natural gas that managed a small .1% gain. On a year ago basis prices advanced just 2.5%.
Standard and Poors 500 Index closed at: 2,701.58 down 20.60
NASDAQ finished the day: 7,136.39 down 64.48
Gold ended trading at: $1,211.10 up $1.00
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