LET'S KEEP THE PARTY GOING... The fun continued on Wall Street. The Dow and the S&P 500 hit new highs and extended their weekly win streaks to three in a row, while the Nasdaq notched the biggest 5-day gain of them all.
A blow-out March jobs report, released Good Friday morning when markets were closed, set things in motion, nicely helped by a record-high ISM Non-Manufacturing Index for March. Both showed the recovery gaining momentum.
The Producer Price Index (PPI) showed hotter than expected wholesale inflation. But the Fed jumped in, claiming that was "transitory," implying they would keep rates near 0% through 2023. What fun that would be!
The week ended with the Dow UP 2.0%, to 33,801; the S&P 500 UP 2.7%, to 4,129; and the Nasdaq UP 3.1%, to 13,900.
Bonds overall ended barely higher for the week, the UMBS 3.0% UP .46, at $104.52. After inching up for seven weeks, the national average 30-year fixed mortgage rate fell back 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?... Data firm CoreLogic expects 2021 will see incomes up, rates down, the number of households growing, and lots more new builds. They’re forecasting 2021 new home sales to hit their highest level since 2006.