MOSTLY UP… Investors sent the Dow and S&P 500 higher on undeniable signs the economic recovery has begun, but they let the Nasdaq take a breather, as pandemic uncertainties kept their enthusiasm in check.
On top of the blow-out Housing Starts, Retail Sales shot up 7.5% in June and are now 1.1% ahead of a year ago, almost back to where they were in February. Initial Jobless Claims dropped for the 15th week in a row.
Industrial Production had its biggest monthly jump since 1959, led by manufacturing (excluding mining and utilities). With the worst economic quarter since World War II behind us, the question now is how soon can we get to full recovery.
The week ended with the Dow UP 2.3%, to 26,672; the S&P 500 UP 1.2%, to 3,225; and the Nasdaq DOWN 1.1%, to 10,503.
Bond price performances ranged from modest retreats to slim gains. The UMBS 3.0% went up 0.17, to $105.36. The national average 30-year fixed mortgage rate dropped again to a new all-time record low in Freddie Mac’s Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW?… Zillow [em.mediacenternow.com] reports 36% of Americans say because of the pandemic they’re more likely to buy a home entirely online and 43% say they’re more likely to sell one that way. When the outbreak ends, 30% would still likely buy and 33% would still likely sell a home entirely online.