Rate Watch 2-4-2010

Cautiously Floating:
- U.S. stocks dropped sharply Thursday, hit by a sell-off in metals and energy stocks, as investors fretted over a rise in job claims and a lengthening list of European countries struggling with national debt. The Dow Jones Industrial Average ($INDU) fell 211 points, or 2%, to 10,059. Alcoa Inc. (AA) was the measure's worst performer, off 3.6% as metals futures fell. Cisco Systems Inc. (CSCO) was the Dow's sole gainer, up 1.1% after the big maker of networking gear reported a 23% profit rise and said current quarter sales may grow as much as 26%. The company also plans to hire 2,000 to 3,000 workers over the next few quarters.

In other markets, the dollar was higher against the euro as the euro hit a seven-month low against the dollar. The dollar was lower against the yen. Treasuries and Mortgage Backed Securities gained. Crude Oil prices are plunging this morning as well down $4 @ 72.96 per Barrel.

If you or someone you know is considering buying, selling or refinancing please contact me at 801 668 2112.