U.S. stocks were poised to start higher today, after a pair of better-than-expected economic reports.
Durable goods orders in February shocked on the positive side, coming in sharply higher and breaking a six month slide. The 3.4% increase, followed a lower revised 7.3% plunge in January, and a lower revised 5.2% drop in December. The consensus called for a decline of more than 2%.
Separately, the Mortgage Bankers Association report has also provided comforting news. It indicated mortgage applications jumped 32.2% in the latest week versus a 21.2% increase seen in the prior week. The surge was driven by refinancing applications (up 41.5%), although purchase applications (up 4.5%) increased for the third straight week as the drop in mortgage rates appears to be sparking the interests of prospective home buyers. Later this morning, we will also get new home sales data.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
