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Energy Prices Push Consumer Prices Up, NY Manufacturing Improves
Yesterday we saw that rising energy prices were pushing up costs for producers, but today’s Consumer Price Index shows that producers are squeezing their profit margins rather than passing those costs on to consumers. . . .Meanwhile, the New York Fed’s Empire State survey showed conditions nearly stabilizing with a score of -0.6, the best reading since April 2008.rnJust a few months ago, in March, the index has a score of -38.7.
Lower Mortgage Rates Spur Demand for New Loans
A major drop in mortgage rates helped demand for loans move up yet again, including a surge of refinance activity.rnrnThe Market Composite Index ― a weekly survey of mortgage applications conducted for almost 20 years ― climbed 4.3% in the week ending July 10, according to the Mortgage Bankers Association on Wednesday.
Mid-Day Recap: Stocks Struggling to Maintain Monday Gains
The main events of the morning were soaring producer prices, a better-than-expected retail sales report (driven, however, by fuel costs), slipping business inventories, and record profits from Goldman Sachs in the second quarter. rnrnMarket reaction to the mixed news has been volatile in the first 90 minutes of trading. Stocks were mostly lower in the first hour but in recent minutes have approached flat levels, in part owing to optimism from the Goldman.
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