The weekly mortgage application survey released by Mortgage Bankers Association today gave some bad news. The report (which you can read here) shows a decrease of 2.3 percent in mortgage applications seasonally and a 2.7 percent decrease from last week’s numbers.
According to the Department of Labor, the Consumer Price Index increased by .1 percent in November, which was below analysts’ expectations. To see the full news release, visit the Bureau of Labor Statistics.
The Senate passed the bill to extend the Bush tax cuts and that renews unemployment benefits and provides tax relief for businesses, students and individuals.
European and Asian markets were down today with Hong Kong’s Hang Seng falling 1.95 percent. This decline followed a statement by Moody’s that Spain’s government bonds might be downgraded.
Between the potential downgrade of Spain’s debt and the reduced mortgage applications, investors were not optimistic today. The Dow Jones Industrial Average fell 19.07 points to 11,457.47 while the Nasdaq dropped 10.5 points to 2,617.22. The S&P 500 fell 6.35 points to 1,235.24.
Stocks in the news: The Boston Beer Co Inc (NYSE: SAM), E I Du Pont De Nemours And Company (NYSE: DD), Joy Global Inc (NASDAQ: JOYG).
