| “WHAT, ME WORRY?”… Traders took their cue from Alfred E. Neuman’s trademark motto and sent stock prices north despite another rate hike from the Fed and continuing banking-sector worries.
Yes, the Fed raised rates a quarter percent but made no change to its outlook for a peak rate of 5.1%, indicating nothing more than a possible quarter percent hike. They also called the U.S. banking system “strong and resilient.”
So much for the worries. On the upside, Wall Street liked the rise in home sales and mortgage applications, while initial jobless claims stayed at a low level, showing little change in the good health of the labor market.
The week ended with the Dow UP 1.2%, to 32,238; the S&P 500 UP 1.4%, to 3,971, and the Nasdaq UP 1.7%, to 11,824.
Bond prices overall ended higher as well, the UMBS 5.5% up 0.78, to $101.07. In Freddie Mac’s Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate continued to slide down. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Realtor.com reports that the best time to list a home in 2023 will be the week of April 16-22. Based on trends from prior years, sellers can expect higher prices, more buyers, and less time on the market. |
