Stock Market Closing Prices – 9/08/10
Dow ( DJIA ) Close - 10387.01 +46.32
Nasdaq Close - 2228.87 +19.98
S&P 500 Close – 1098.87 +7.03
Commodities Closing Prices – 9/08/10
Gold Close - 1255.60
Oil Close – 75.09
Natural Gas – 3.81
The Dow were up 46 points to 10387 after the Fed sees 'widespread' signs of slowing growth.
The Rally saw the Dow move up as many as 86 points but faded after the Fed’s Beige Book report was released and the president spoke.
Financial, industrial, materials and energy stocks were the big leaders today.
The rally came as many companies are taking advantage of record-low interest rates to refinance their debt.
Gold slipped $1.80 to $1,257.50 an ounce as the European situation eased. Oil falls back from $75, Oil futures for October delivery rose 41 cents to settle at $74.67 a barrel.
Economic Data : September 9,2010
U.S. weekly jobless claims data, international trade for July. 8:30 a.m.
OPEC releases monthly oil report schedule before market open.
Wednesday, September 8, 2010
Tuesday, September 7, 2010
Market Summary 9/07/2010
Stock Market Closing Prices – 9/07/10
Dow ( DJIA ) Close - 10340.69 +107.24
Nasdaq Close - 2208.89 -24.86
S&P 500 Close – 1091.84 -12.67
Commodities Closing Prices – 9/07/10
Gold Close - 1257.30
Oil Close – 73.82
Natural Gas – 3.83
The Dow were down 107 points to 10341 as Worries grow that European banks need more capital and Profit-taking was also surely a cause for today's selling.
Gold for December delivery was up $8.20 to $1,259.30 an ounce. On gold for October delivery, the close was $1258.30, up $8.10. The closes for October and December are record highs.
Crude oil fell $1.12 to $73.48. The dollar was higher against major currencies.
Wednesday, investors will get a read on regional economies with the Federal Reserve's Beige Book.
Dow ( DJIA ) Close - 10340.69 +107.24
Nasdaq Close - 2208.89 -24.86
S&P 500 Close – 1091.84 -12.67
Commodities Closing Prices – 9/07/10
Gold Close - 1257.30
Oil Close – 73.82
Natural Gas – 3.83
The Dow were down 107 points to 10341 as Worries grow that European banks need more capital and Profit-taking was also surely a cause for today's selling.
Gold for December delivery was up $8.20 to $1,259.30 an ounce. On gold for October delivery, the close was $1258.30, up $8.10. The closes for October and December are record highs.
Crude oil fell $1.12 to $73.48. The dollar was higher against major currencies.
Wednesday, investors will get a read on regional economies with the Federal Reserve's Beige Book.
Monday, September 6, 2010
Sunday, September 5, 2010
Mortgage Length: Should you keep it short?
Growing numbers of homeowners are choosing 15-year mortgages when they refinance, but is that really the best option?
In the first six months of the year, 26% of homeowners who refinanced picked the 15-year deal over the more common 30-year mortgage, up from 18.5% in 2009, according to CoreLogic, a market-data firm.
Choosing a 15-year loan for a refinancing can save the homeowner money in three ways: the interest rate is lower than the rate on the loan being replaced, it’s lower than the rate on a new 30-year loan, and choosing a 15-year term instead of 30 eliminates 15 years of interest payments.
It sounds like a strategy that can’t miss.
But there is one drawback: Since the debt has to be repaid in 15 years instead of 30, the principal payments are much, much higher. For many, it might be better to take out a new 30-year loan, and then try to pay extra every month to retire the debt ahead of schedule. That way, the homeowner isn’t committed to the bigger payment required by the 15-year loan.
The average 15-year fixed-rate loan charges 4.072%, compared to 4.532% on the 30-year fixed deal, according to the BankingMyWay survey. For every $100,000 borrowed, the 15-year loan would cost $743 per month, according to the Mortgage Loan Calculator. The 30-year loan would cost just $509.
A homeowner able to shoulder the bigger payment would reap big savings, paying $33,794 in interest during the 15 years compared to $83,091 in interest over the life of the 30-year loan.
But what if the bigger payment will be a strain? Suppose your income falls or other expenses rise more than you expect. If the big payment makes you nervous, consider refinancing with a 30-year loan and making extra payments.
Going further, if you took out the 30-year loan and paid an extra $234.71 a month, your monthly cost would be same as with the 15-year deal, and the loan would be paid off in 16 years. Over the life of the loan, you’d pay $39,872 in interest, about $43,000 less than if you made only the required payments on the 30-year loan for three decades.
With this 30-year prepay option, you’d pay about $6,000 more in interest than with the 15-year loan, a result of the slightly higher interest rate. But that might seem like a small price to pay for the flexibility you’d enjoy – the right to pay $509, instead of $743.
That would come in handy if money were tight, or if you saw a more profitable way to invest that $235 a month.
source: www.mainstreet.com
In the first six months of the year, 26% of homeowners who refinanced picked the 15-year deal over the more common 30-year mortgage, up from 18.5% in 2009, according to CoreLogic, a market-data firm.
Choosing a 15-year loan for a refinancing can save the homeowner money in three ways: the interest rate is lower than the rate on the loan being replaced, it’s lower than the rate on a new 30-year loan, and choosing a 15-year term instead of 30 eliminates 15 years of interest payments.
It sounds like a strategy that can’t miss.
But there is one drawback: Since the debt has to be repaid in 15 years instead of 30, the principal payments are much, much higher. For many, it might be better to take out a new 30-year loan, and then try to pay extra every month to retire the debt ahead of schedule. That way, the homeowner isn’t committed to the bigger payment required by the 15-year loan.
The average 15-year fixed-rate loan charges 4.072%, compared to 4.532% on the 30-year fixed deal, according to the BankingMyWay survey. For every $100,000 borrowed, the 15-year loan would cost $743 per month, according to the Mortgage Loan Calculator. The 30-year loan would cost just $509.
A homeowner able to shoulder the bigger payment would reap big savings, paying $33,794 in interest during the 15 years compared to $83,091 in interest over the life of the 30-year loan.
But what if the bigger payment will be a strain? Suppose your income falls or other expenses rise more than you expect. If the big payment makes you nervous, consider refinancing with a 30-year loan and making extra payments.
Going further, if you took out the 30-year loan and paid an extra $234.71 a month, your monthly cost would be same as with the 15-year deal, and the loan would be paid off in 16 years. Over the life of the loan, you’d pay $39,872 in interest, about $43,000 less than if you made only the required payments on the 30-year loan for three decades.
With this 30-year prepay option, you’d pay about $6,000 more in interest than with the 15-year loan, a result of the slightly higher interest rate. But that might seem like a small price to pay for the flexibility you’d enjoy – the right to pay $509, instead of $743.
That would come in handy if money were tight, or if you saw a more profitable way to invest that $235 a month.
source: www.mainstreet.com
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