Today was a big day for economic data. First, the Mortgage Bankers Association released its Weekly Application Survey for last week. According to the survey, mortgage loan applications reduced by 10.5 percent from the previous week, indicating a possible further slowdown in the housing market.
Then, the Federal Reserve Board released their Beige Book. Overall, the report indicated that the economy is growing, albeit slowly and moderately. Noted within the report is the expansion of the manufacturing sector, slight increases in consumer spending, and the continued weakness of the housing market. You can see the full report here.
Despite China’s decision to raise rates, European markets were up today while Asian markets were mixed. This is likely due to the International Monetary Fund’s economic outlook report (found here) that predicts 2.25 percent growth for Europe in 2010.
Investors worked quickly today to reverse yesterday’s drop in points. The Dow Jones Industrial Average was up 129.35 points to 11,107.97. The Nasdaq was up 20.44 points to 2,457.39 and the S&P 500 rose 12.27 points to 1,178.17.
Companies releasing quarterly financials today: eBay Inc (NASDAQ: EBAY), Netflix Inc (NASDAQ: NFLX), The Boeing Company (NYSE: BA), Altria Group Inc (NYSE: MO).
