Stocks ended mixed as investors looked to new concerns in the euro zone. Italy had a disappointing Italian bond auction in which it paid more to borrow over five years than it has since October. In addition, the country’s main candidate for leadership reportedly stated that Italy is “in a mess and faces a difficult year ahead.” Investors also had ongoing concern over whether the Cyprus plan could become a template for future bailouts in the region.
On the economic front, a dip in rates helped the MBA Purchase Applications Index bounce 7% higher during the week of March 22nd. The rate drop helped fuel demand for mortgage applications with the average 30-year loan down 3 basis points to 3.79%.
The number of contracts signed to purchase an existing home slipped 0.4% to an index level of 104.8. The Northeast came in at -2.5% with the other regions coming in close to zero.
The U.S. Fund for UNICEF Visits the New York Stock Exchange to Highlight the UNICEF Tap Project that Provides Clean Water and Sanitation to Kids Worldwide
Caryl Stern, President and CEO of the U.S. Fund for UNICEF Rings The Closing Bell®
For Release: 27 Mar 13
The U.S. Fund for UNICEF will visit the New York Stock Exchange (NYSE) today to raise awareness of the fact that nearly 4,000 children under the age of five die every day of water-borne illnesses and inspire the public to help bring about a day when zero children are deprived of clean water. Launched for World Water Month, the UNICEF Tap Project is an annual awareness and fundraising campaign created to provide children around the world with access to safe water and sanitation. Giorgio Armani Fragrances has...
On Wednesday, March 27, executives and guests of Cohen & Steers (NYSE: CNS) will visit the New York Stock Exchange (NYSE) to celebrate the initial public offering of a newly formed closed-end fund, Cohen & Steers MLP Income and Energy Opportunity Fund (NYSE: MIE), which began trading today on the NYSE. Robert Becker and Ben Morton, Senior Vice Presidents and Portfolio Managers, will be joined by members of the company’s management team.
The Fund is a newly organized, non-diversified, closed-end management company. The Fund’s objective is to provide attractive total return, comprised of high current income and price appreciation. The fund seeks to achieve its investment objective by investing primarily in MLPs and energy investments.
From The Trading Floor: Political uncertainty in Italy is having a rippling effect in the marketplace today after the S&P 500 came within 2 points of its all time high
Mortgage applications in the U.S. rose by 7.7% last week as lower mortgage rates prompted an increase in refinancing and home purchases
The index of pending home sales fell 0.4% to 104.8, the second highest level since April 2010, kept in check by limited inventory and access to credit
Political deadlock continued in Italy as the country's main leadership candidate Pier Luigi's Bersani reportedly said that only an "insane person" would want to govern the nation now, adding that Italy is "in a mess and faces a difficult year ahead."…..oh boy!
Italy paid more to borrow over five years than it has since October at an auction Wednesday as lack of progress in forming a new government and worries about Cyprus's bailout hit demand. The treasury...
Ahead of the Bell: Dow futures are trading down 27 points and S&P futures are trading down 5 points. Cyprus's bailout and euro zone borrowing cost is weighing on financial markets. Concerns over the financial rescue deal reached by Cyprus and the ECB is dampening investor sentiment and could become the blueprint for the rest of the 17 member bloc. Despite assurances by euro zone finance officials, traders continue to be troubled by the precedence of wiping out some senior bank bond holders and impose losses on larger depositors. The country is set to complete capital measures today to avoid a run on bank deposits.
On the economic calendar today, pending home sales index for February will be out after the opening bell, -0.7% is forecasted versus 4.5% for January. A number of Federal Reserve speakers will be on the speaking circuit, including Charles Evans, Eric Rosengren, Sandra Pianalto, and...