Nashville Real Estate Forum

Weekend Market Update

July 24-25, 2010

Stocks rose more than 3% for the week, ending with up days on Thursday and Friday as the so-called “stress test” of European banks’ liquidity proved not stressful after all.

All of the three major market indexes registered strong gains for a week that included second-quarter earnings from a slew of big-name companies. The latest boost came on Friday, when General Electric raised its quarterly dividend by 20%.

The Dow Jones Industrial Average ended up 102.32 points, or 1.0%, at 10424.62, up 3.2% for the week and just four points shy of where it started the year. If the blue-chip index can keep up its pace, July will be its best month in more than a year.

The S&P 500 index finished up 0.82% at 1102.66, advancing 3.6% for the week and breaking through the psychologically significant 1,100 level for the first time this month.

The Nasdaq Composite rose 1.1% to 2269.47, up 4.2% for the week and breaking back into positive territory for the year.

GE boosted the market after it announced its first dividend increase since cutting its payouts more than a year ago. The company also said it will restart stock buybacks this quarter after an absence of nearly two years. GE's shares rose 3.3%.

The “stress test” included a measure of liquidity and reserves of European banks, and the breath-holding for the announcement turned out to be unwarranted.

Mortgage interest rates treaded water for the week, although the current Fannie Mae contract lost 12 basis points, which was directional for “up” in rates but not enough to change rate pricing signifcantly.

Please call me with any questions about the market or to run a free analysis of what a refinance---with cash out or not---would mean for your financial bottom line. Gary Moore 615-579-8658.

30-Year Conventional Fixed

4.375% $200,000-$417,000

15-Year Conventional Fixed

3.75% $200,000-$417,000


30-Year FHA-100% VA

4.25% $100,000-$393,300


30-Year Jumbo Fixed

5.5% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

5.35% $100,000-$393,300

4% of sales price Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658 Toll-free fax: 866-321-6513

"The greatest thing in this world is not so much where we are, but in what direction we are moving." - Oliver Wendell Holmes

Visit my mortgage website:

http://www.BrentwoodHomeLoan.com

(0% points, 1% origination. Market Update informs consumers and Realtors on market trends, offers subjective opinions and is not a quote for a unique borrower. Reply "remove" with your name and email address to discontinue Update.)