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The Market Wrap Report

 The Market Wrap Report given to you by:

 Christian Penner Mortgage Broker West Palm Beach:


CLOSING TECHNICAL SIGNAL: The 3.5% ends higher and bounced off session lows as the 2nd layer of support held at 100.50. The Bond came 12bp from that level and was pushed higher adding a positive tone. However, we did close below the 25-DMA 2 days in a row. The 100.50 level will be closely watched next week, if the Bond falls below it, prices could dip further.

MARKET WRAP: Bond markets saw modest gains today despite a rise in the Equity markets. But as we said the gains were limited as investors were still spooked by the higher inflation number from Thursday's CPI. The 3.5% ended at 101.06 up a meager 6bp. But the key was that MBS were able to rally back from session lows. Stocks had a 5-day win streak for the first time since the week of June 27. The Dow rose 75.91 to end the week at 11,509.09, the S&P 500 Index rose 6.90 to 1,216.01 while the Nasdaq gained 15.24 to 2,622.31. Oil ended at $87.96/barrel down $1.44. There are only a few economic reports next week so investors will focus on the 2-day Federal Open Market Committee (FOMC) meeting that begins on Tuesday and ends Wednesday afternoon at 2:15pm ET with the monetary policy statement. Have a great weekend!