July 8th, 2010 9:27 AM by BILL WILBANKS
Initial unemployment benefits dropped 21,000 to a seasonally adjusted 454,000 instead of the forecasted 460,000 this morning (that's only a 6,000 difference). So static stock futures jumped pre-opening and the 10 year treasury note is back above 3% or 5 bp higher than closing yesterday. It says something when a 6,000 difference on a national forecasted number has an effect like this. Any old news will do any more.
Post Market Opening Update (9:50 am): Thin employment gruel is enough to run DOW up 73 points this morning and 10 year Treasury notes at 3.036% from yesterdays close below 3% at 2.9857%. Lenders that didn't late yesterday will probably bump up .25% on their points this AM and some rate levels are up .125% now.