Market Analysis

Bonds opened negatively today.  US Treasury notes remain at lower level, but mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac have moved to break even in mid-day trading.  Stocks opened strong in the morning and have moderated somewhat.  The Dow is currently up approx 50 points at the 10,666 level.

In economic news, Initial Unemployment Claims for the week ended 7/3/10 were 454,000 which was less than the 460,000 projected.  Continuing Unemployment Claims for the week ended 6/26/10 were down to 4.413 million vs expectations of a 4.60 million number.