Inventory markets ended the week at report highs – Main inventory indexes adopted their worst week since October with their greatest week since November. Markets erased all their losses from final week and shares surged to report highs. Buyers jumped again into the market primarily based on many new developments. These included: one other spherical of stimulus, a drop in COVID instances, improved vaccination numbers, and extra of the nation lifting a few of their enterprise shut-down orders. 

  • The Dow Jones Industrial Common closed the week at 31,148.24, up 3.9% from 29,982.62 final week. It’s up 1.8% year-to-date. 
  • The S&P 500 closed the week at 3,886.83, up 4.6% from 3,714.24 final week. It’s up 3.5% year-to-date.
  • The NASDAQ closed the week at 13,856.30, up a staggering 6.0% from 13,070.69 final week. It’s up 7.5% year-to-date.

U.S. Treasury bond yields – The ten-year treasury bond closed the week yielding 1.19%, up from 1.11% final week. The 30-year treasury bond yield ended the week at 1.97%, up from 1.87% final week. We watch bond yields as a result of mortgage charges typically observe treasury bond yields. 

Mortgage charges – The February 4, 2021, Freddie Mac Major Mortgage Survey reported mortgage charges for the most well-liked mortgage merchandise as follows: 

  • The 30-year fastened mortgage charge was 2.73%, unchanged from 2.73% final week. 
  • The 15-year fastened was 2.21%, unchanged from 2.20% final week. 
  • The 5-year ARM was 2.78%, virtually unchanged from 2.80% final week. 

U.S. employers added 49,000 jobs in January – The Division of Labor and Statics reported that 49,000 web new jobs have been added in January. Whereas that was a disappointing quantity, it actually is a turnaround from December when the financial system misplaced 227,000 jobs. The unemployment charge dropped to six.3% in January, from 6.7% in December. Up to now, the U.S. has 9.9 million fewer workers employed than in February 2020, earlier than the pandemic, when the unemployment charge was at a 50-year low. Economists imagine that the unemployment charge can be nearer to 10% if not for therefore many dissatisfied employees leaving the job search. Thankfully, it’s broadly believed that jobs will start to get better rapidly as extra persons are vaccinated, COVID-19 instances proceed to drop, and extra of the financial system reopens. 

Dwelling gross sales figures gained’t be launched for 2 extra weeks. Our preliminary numbers level to the best variety of gross sales for any January because the California Affiliation of Realtors started protecting data within the Forties. We could have some preliminary figures subsequent week with official figures the next week. Listings, gross sales, and costs are robust. Keep tuned!

Have an awesome weekend!