Market Flash: Market Down

Breakfast Bites: Equities are trading down in the morning session after a weaker than expected Spanish bond auction and from the residual effects of the FOMC minutes from yesterday, when the Fed indicated they will refrain from increasing monetary accommodation unless the economic expansion falters.

  • Mortgage Applications in the U.S. rose last week for the first time in 2 months as refinancing rebounded and purchases climbed to the highest level of 2012.

  • The Institute for Supply Management’s Index of Non-Manufacturing industry’s which account for almost 90% of the U.S. economy fell to 56 in March from 57.3 a month earlier

  • Companies in the U.S. expanded payrolls by 209,000 in March after a revised 230,000 gain in February.

  • The European Central Bank left interest rates unchanged at 1% as persistently high inflation offset pressure to respond to the euro zone's shaky economic recovery.

  • Spain sold a total of 2.59 billion euros of bonds compared with a maximum target of 3.5 billion euros