Carvana surges 35% amid short squeeze
Rates on residential mortgages dip, according to Freddie Mac
The cost of financing a home purchase slipped further this week.
The average interest rate on a 30-year fixed-rate mortgage inched down to 6.33%, a decline from the prior week’s average rate of 6.48%, according to data from Freddie Mac. Meanwhile, rates on 15-year loans are averaging 5.52%, slipping from last week’s average level of 5.73%.
Though the rates on these loans are ticking lower, they are still high compared to where they 12 months ago – before the Federal Reserve began its rate hiking campaign in earnest. A year ago, the average rate on a 30-year mortgage was 3.45%, and it averaged 2.62% on 15-year loans.
— Darla Mercado
Market breadth strong as stocks rally
Advancers held a clear advantage over decliners Thursday, as the major U.S. stock benchmarks rallied following the latest inflation data report.
More than 2,100 New York Stock Exchange-listed names traded higher, while just 786 declined, according to FactSet. In other words, advancers led decliners roughly 3-1.
— Fred Imbert
Eight of 11 S&P 500 sectors advance
Eight of 11 S&P 500 sectors traded up Thursday.
Energy led the way gaining 2.1%. Real estate and communication services came in at the second and third best performers, each up 0.9%.
On the other hand, consumer staples was on track for the worst daily performance, dipping 0.6%. Health care and utilities were the other two in the red, each shedding 0.2%.
— Alex Harring
Stocks making the biggest moves midday
These are the stocks making the biggest midday moves:
Check out our full list for further details and more big movers.
— Tanaya Macheel
Indexes gain footing as investors enter second half of trading day
After a topsy-turvy morning, stocks traded up.
The Dow traded up 290 points, or 0.8%. At its highest, the 30-stock index advanced 0.9%. It traded down as much as 0.5% as investors initially responded to the CPI data.
The S&P 500 was up 0.5%. That’s close to its largest gain of the day at 0.6% and far from the low, at which point the broad index slipped 0.8%.
The …….
