As 2016 comes to an end, Mortgage rates are still continuing to rise. Read further to find out which other record highs are in this week’s market update.
DOW, S&P, and NASDAQ all close week at record highs – Stocks continued to rally with major indexes up over 3% for the week. While many are critical of Trump’s cabinet and other appointments, investors have seen them as extremely business friendly which has fueled a continuing rally. Oil rose further this week which boosted energy stocks and is expected to help areas tied to oil production which have lost oil and mining jobs. Oil was around $46 just a couple weeks ago, but closed at $51.50 Friday. The DOW Jones Industrial Average closed the week at 19,756.85, up from last week’s close of 19,170.42. The S&P 500 ended the week at 2,259.53, up from its close of 2,191.95 last week. The NASDAQ closed the week at 5,444.50, up from last week’s close of 5,255.65.
U.S. Treasury Bond yields higher – The 10-year U.S. Treasury Bond closed the week yielding 2.47%, up from 2.40% last Friday. The 30-year Treasury Bond yield closed the week at 3.16%, up from 3.08% last week. Mortgage rates follow bond yields, so we watch treasury bonds closely.
Home sales numbers and price date should begin to be reported next week. It will be interesting to see what November sales figures look like.
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