Grand Rapids Mortgage Company

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Equity futures are pointing higher this morning after Goldman Sachs clobbered earnings expectations for the first quarter. The controversial Wall Street titan posted quarterly revenue of $12.78 billion, a 36% increase from Q109 and against estimates of $11.07 billion. Earnings per share were $5.59 versus expectations of $4.01, reflecting a 91% advance from Q109. “Our performance in the first quarter reflects more signs of growth across the economy and the strength of our client franchise,” said Lloyd Blankfein, chairman and CEO. Dow futures are up 21 points to 11,065 and S&P 500 futures are up 5.00 points to 1,200.50. The 2 year Treasury note is -0-01 at 99-31 yielding 1.012% and the 10 year note is -0-05 at 98-13 yielding 3.821%. Meanwhile, WTI crude oil is $1.12 higher at…(read more)

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With little economic data released until Thursday this week, investor attention should remain focused on first-quarter earnings releases, plus continued speculation on the Securities and Exchange Commission’s lawsuit against Goldman Sachs. Before the Friday announcement that the SEC was charging Goldman with fraud , all three indexes in the US were at 52-week highs. This morning, ahead of Q1 earnings from Citigroup, Halliburton and IBM, stock futures are sharply lower. Dow Futures are down 47 points to 10,937 and S&P 500 futures are off 5.75 points to 1,184.50. The 2 year Treasury note is -0-00 at 100-02 yielding 0.963% and the 10 year Treasury note is -0-02 at 98-23 yielding 3.78%. Commodities are also weaker with WTI crude oil trading $2.35 lower at $80.89 per barrel and Spot Gold…(read more)

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A busy schedule of data and speakers from the Federal Reserve awaits investors today. Key data include retail sales and the consumer price index an hour before the bell, and half an hour into the session should see headlines from Fed chairman Ben Bernanke’s testimony to Congress. Thirty minutes before the first data, equity markets are pointing higher. Dow futures are up 39 points to 10998 and S&P 500 futures are trading 5.25 points higher at 1,198.25. The 2 year Treasury note is -0-01 at 99-27 yielding 1.073% and the benchmark 10 year note is -0-05 at 98-08 yielding 3.838%. Commodity prices are also on the rise WTI crude oil up 83 cents to $84.88 per barrel and Spot Gold up $6.95 to $1,157.60. Part of the optimism this morning stems from better-than-anticipated earnings and revenue…(read more)

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The week ends with a very quiet day, at least in terms of data. Ahead of wholesale inventories, the dollar is weaker and equities are trading higher, in part owing to positive chain-store sales results from yesterday. One hour before the opening bell, Dow futures are up 25 points to 10,909 and S&P 500 futures are up 2.75 points to 1,186.50. Over the last five trading sessions, the Dow has added 0.65% and the S&P has risen 1.70%. The 2 year Treasury note is -0-01 at 99-26 yielding 1.093% and the 10 year Treasury note is -0-06 at 97-21 yielding 3.914%. WTI crude oil is higher by 70 cents on the day to $86.09 per barrel, while Spot Gold is up 6.55 to $1,175.10. Recent overseas data has also boosted equities. German exports rose 5.1% in February, beating expectations for 4.0% and following…(read more)

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The dollar is stronger but equity futures and commodity prices are each trading lower. The economic docket is empty this morning but in the afternoon the Federal Reserve will release the minutes to the latest monetary policy meeting, which investors hope will answer some key questions about the direction of policy. 90 minutes before the bell, Dow futures are down 13 points to 10,896 and S&P 500 futures are off 2.50 points to 1,180.50. Meantime, WTI crude oil is roughly flat at $86.59 per barrel and Spot Gold is trading $5.30 lower at $1,126.60. Speaking on CNBC last night, Richmond Fed president Jeffrey Lacker said there is “good evidence” the labor market has bottomed and that “at some point” the Fed will normalize rates. He also said he’s “comfortable”…(read more)

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Markets are flat to roughly lower as cautious investors await the results of the ADP private employment report and a key index of the services and manufacturing industries in the Midwest. Two hours before the opening bell, Dow futures are down 12 points to 10,842 and S&P 500 futures are off 1.50 points to 1,168.00. In contrast, WTI crude oil is up 44 cents to $82.81 per barrel and Spot Gold is trading $5.63 higher to $1,109.23. Late last night, Richard Fisher from the Dallas Fed dismissed the notion of a W-shaped recession and predicted 3% GDP in 2010. “Anecdotal evidence indicates that, absent some exogenous shock, the recovery that began last summer is unlikely to be reversed and will instead proceed, slowly gathering momentum as we progress through the year. . . It is less than…(read more)

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After volatile trading that ended positive yesterday, markets are looking for further gains this morning ahead of key housing data. 90 minutes before the bell, Dow futures are up 15.00 points to 10,844 and S&P 500 futures are 2.00 points higher at 1,170.75. Meantime, WTI crude oil is up 6 cents to $82.23 per barrel, and Spot Gold is up almost a dollar to $1,110.70. Reversing earlier losses, the dollar index came off a 4-day low overnight, though it remains relatively soft this morning. Earlier in the day, Chicago Fed President Charles Evans told Bloomberg TV the unemployment rate could remain higher than 9% for the rest of the year. He also said the FOMC statement’s use of the words “extended period” for accommodative policy suggests no change for a six month period. In…(read more)

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The US dollar is strengthening and equity futures are sharply lower this morning ahead of key housing and durable goods data. Yesterday the Dow strengthened for the 11th straight day, but this morning the focus is on continued financial troubles in Europe, causing risk aversion across the board and a flight to the greenback. 90 minutes before the bell, Dow futures are down 31 points to 10,797 and S&P 500 futures are off 4.20 points to 1,165. WTI crude oil is down $1.24 to $80.67 per barrel and Spot Gold is $9.00 lower to $1,096.15. The dollar strengthened mainly due to a steep fall in the euro overnight, which sank to its lowest level since last May, according to BMO Capital Markets. They attribute the weakness to talk of Greece receiving help from the International Monetary Fund. “Markets…(read more)

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Despite yesterday’s news that housing starts fell nearly 6% in February (led by weakness in multi-family starts), stock markets managed to move upwards yesterday and this morning that upward trend continues. Sentiment was in part bolstered from the language of the FOMC statement, wherein the central bank said it would maintain "low levels of the federal funds rate for an extended period" and the "labor market was stabilizing". Two hours before the opening bell, Dow futures are up 30 points to 10,654 and S&P 500 futures are 3.75 points higher at 1,158.50. With equities up, the US dollar is looking weaker. Meantime, the Euro rose overnight and the pound was the top performing currency. Commodities are also heading upwards with WTI crude oil 79 cents higher at $82…(read more)

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Equity markets are mostly lower across the globe Monday, leading US stocks to open sharply lower ahead of a moderately busy schedule. Two hours before the bell sounds, Dow futures are off 30 points to 10,543 and S&P 500 futures are down 4.50 points to 1,142.00. Commodity prices are mixed as WTI crude oil is trading down 58 cents to $80.66 per barrel but Spot Gold prices are up $2.37 to $1,104.27. Key Events This Week: Monday: 8:30 ― The Empire State Manufacturing Index is expected to expand for the eighth consecutive month in March. The consensus expects the index to fall 3 points to 22.0 in March, reflecting strong growth overall in the region. Economists from Nomura worry that the strong figures in February may not have been wholly accurate due to the early timing of the release. “Most…(read more)