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$85 Billion in U.S. Spending Cuts to Begin Today – Market Update

by Anthony Fontana on March 1, 2013 in Market Update

All was quiet in the market yesterday. The $85 billion in U.S. spending cuts are set to begin today, which could move the market.

What’s Up on Wall Street?

The Dow Jones Industrial Average increased 3.49 points (0.02) while the Nasdaq decreased 4.25 points (-0.13). Also, the S&P 500 rose 0.16 points (0.01).

Current Rates

Here are some of today’s rates:

30-Year Fixed: 3.50% (3.692% APR)
15-Year Fixed: 2.75% (3.108% APR)
7-Year ARM: 2.50% (2.955% APR)

Visit our mortgage rates page to find out how much you can save with today’s rates, or use our mortgage calculator to find more rates and loan options.

Financial Links

Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.

Reuters

U.S. Stares Down Start of Steep “Automatic” Budget Cuts

CNNMoney

Americans See Biggest Monthly Income Drop in 20 Years

Bloomberg

Manufacturing in U.S. Expands at Strongest Pace Since 2011