April 23rd, 2010 8:47 AM

The bond market took a turn for the worse yesterday afternoon in reaction to a turn around in the stock market which had moved down further in late morning trading yesterday but which moved into positive territory yesterday afternoon with the Dow closing over the 11,100 level.  Stocks moved higher yesterday afternoon on news that Greece had formally requested approx $53 billion in aid from the European Union and International Monetary Fund.

In this morning's economic news, the headline March Durable Goods # was down 1.3% which was worse than the expected .1% increase.  However, stripping away the transportation component (ex-auto), Durable Goods sales for March were up 2.8% which was much stronger than both the .7% expected increase and February's revised 1.7% increase (Feb's ex-auto Durable Goods increase was revised up from a  1.4% increase).  This news is driving mortgage rates slightly higher this morning.

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