The Market Bull – December 11, 2019
The major averages closed with small gains after a volatile session. Talk of another trade war settlement makes the rounds, for what it’s worth.
The Mortgage Bankers Association reports that mortgage activity advanced 3.8% last week as refi’s jumped 8.7% and purchase apps slipped .4%. The 30-year contract rate for a jumbo loan declined fractionally to 3.9%.
The November Consumer Price Index or CPI advanced .3%, slightly above expectations. On a year ago basis this series is up just 2%, matching the Fed’s target but still very low by historical standards. Once again, the gains were largely driven by increases in energy prices as they have risen noticeably for the last 2-months.
The 3rd Quarter Services Survey continues its downward trend with just 1 of the 4 main components increasing for the period. Overall services revenue rose 1.5% last quarter led by strong gains in the legal, technical, scientific and professional sectors. On a year ago basis revenues were up a respectable 4.9% and should help to drive a minor upward revision to 3rd Quarter economic growth.
Standard and Poors 500 Index closed at: 3,141.63 up 9.11
NASDAQ finished the day: 8,654.05 up 37.87
Gold ended trading at: $1,479.70 up $11.60