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Markets hesitate while investors look for a rebound

Dow went up 143, advancers over decliners 5-2 & NAZ gained 138.  The MLP index crawled up to 228 & the REIT index fell 1 to the 386s.  Junk bond funds fluctuated & Treasuries were sold, raising yields.  Oil was off pennies although still above 80 following its recent run & gold rose another 5 to 1929.

AMJ (Alerian MLP Index tracking fund)


 

 
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Existing home sales tumble to lowest level since 2010

Mortgage rates continued to fall this week to their lowest levels since Sep as the latest round of economic data showed signs that inflation is starting to cool.  The average rate on a 30-year fixed Mortgage fell to 6.15% from 6.33% last week, according to mortgage buyer Freddie Mac.  A year ago, the average rate was 3.56%.  "As inflation continues to moderate, Mortgage Rates declined again this week," Freddie Mac chief economist Sam Khater said.  "Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment."  "Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern," Khater added.  Meanwhile, the average rate on a 15-year fixed mortgage fell to 5.28% from 5.52% last week.  A year ago, it averaged 2.79%.  The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homes falling for 10 straight months to the lowest level in more than a decade.  Though inflation at the consumer level has declined for 6 straight months, Fed officials have signaled that they may raise the central bank's main borrowing rate another 3-qtrs of a point in 2023, which would be 5 - 5.25%.

Mortgage rates fall to lowest levels in months

Google (GOOG) will lay off 12K from its workforce, adding to the slew of major US tech companies cutting jobs amid fears of an oncoming recession.  CEO Sundar Pichai said in an email sent to the company's staff that the firm will begin making layoffs in the US immediately.  In other countries, the process “will take longer due to local laws and practices,” he said.  It was reported in Nov that GOOG employees had been fearing layoffs as its counterparts made cuts & as employees saw changes to the company's performance ratings system.  The web search & video sharing giant will offer US-based employees 16 weeks of severance pay plus 2 weeks for each additional year they've worked at Google, Pichai added.  The stock rose 4.
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Google to lay off 12,000 people — read the memo CEO Sundar Pichai sent to staff

Dow began the trading day with a modest loss, but buyers have returned in the last hour.  News keeps coming in mixed & it fells like this is a recession even if its only a mild one.  Layoffs at some of the biggest companies is disturbing for investors to digestYTD Dow is barely in the black.  Not good!!

Dow Jones Industrials

 








This post first appeared on VerySmartInvesting, please read the originial post: here

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Markets hesitate while investors look for a rebound

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