Miracle on 34th Street and Market Update
UPDATE: 4:00pm EST: Markets close mixed, DOW up 37, NAS down 7, S&P up 5
With 90 mins of trading to go the DOW is down 139.55 to 8303.84; NAS down 38.25 and S&P down 14.
Methinks no one wants to go home for the holiday long these volatile and often traitorous markets..
Home Prices biggest drop ever..The Fed Steps in (finally)..TALF
If you are wondering why the sudden rush on housing and MBS, take a gander at the Case Schiller Housing Index this morning.
Low-lights of the report include: In the third quarter, the decline in the S&P/Case-Shiller U.S. National Home Price Index — which covers all nine U.S. census divisions — remained in double digits, posting a record 16.6 percent decline versus the third quarter of 2007. This has worsened from the annual declines of 15.1 percent and 14.0 percent, reported for the second and first quarters of the year, respectively.
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