U.S. markets are rallying back from yesterday’s broad decline, after strong reports from Dow Chemical (DOW) and others this morning, and after the Mortgage Bankers Association said purchase activity in mortgages rose last week almost 9% on a monthly basis. The report is consistent with a general increase in mortgage refinancing as the end of the home-buyer tax credit approaches, the Association said.
S&P 500 futures for June are up 5.4 points at 1,186.40, while Dow Industrial futures are up 45 points at 11,000. The U.S. dollar cooled off, falling to $1.3206 per Euro from last night’s closing cross of $1.3176.
Reminder: The Federal Reserve Board’s Federal Open Market Committee is scheduled to announce results of its deliberations this afternoon at 2:15 pm.
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