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Housing starts came in up a whopping 9.3 percent, compared to the expected increase of 1.1 percent. 10-year treasury notes fell as a result of this news and expectations that upcoming economic reports will show positive signs of growth. Despite this, mortgage backed securities did not budge.

What’s Up on Wall Street?

Wow. That’s really the only word that you can use to describe the trading activity yesterday. After the Housing Starts came in 8.2 percent higher than expected (9.3 percent as opposed to 1.1 percent) and permits came in 7.1 percent higher than expected (5.7 percent actual instead of the –1.4 percent predicted), we knew that stocks were going to go one way: up.  The Dow Jones Industrial Average closed 337.32 points higher (2.87 percent), and the S&P 500 closed 35.95 points higher (2.98 percent). The biggest winner of the the day was the Nasdaq Composite, which jumped 80.59 points (3.19 percent).

Eric Mally is a writer for Quicken Loans, an amazing place to work.  Find out more about being a part of our team at Quicken Loans and learn how we Amaze our clients.

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