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Housing and Equities Soar
By Evelina M. Tainer, Chief Economist, Econoday
The bulk of the economic news was rather anemic this week. Two key production reports headed into negative territory and new jobless claims remained well above the 400,000 level. Inflation is tame, though, and the housing market continues to roar. Equity prices were boosted by friendly earnings announcements here and there -- it didn't take many to get the market in a positive mode for a change. The good news for equities was bad news for bonds, where yields jumped at least 25 basis points and as much as 35 basis points on some maturities this week.
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