Metals are also gaining some ground this morning. Gold futures are up 10.00 points, (0.58%) to 1744.90, and Platinum futures are up 36.00 points, 2.24%, to 1643.00. Brent crude oil for October delivery is at its highest close since August 16th on speculation of a euro zone bailout.
The MBA Purchases Applications, a Mortgage Banker’s Association compilation of various mortgage loan indexes, was released today. The report is released weekly on Wednesdays, and provides a gauge of the demand and momentum for housing. Actual growth rates in the composite index was 11.1%, a change from -2.5%, an 8% change in the purchasing index and a 12% change in the refinance index.
The Home Depot, Inc. (HD | 56.72 [-0.58]) was down a half of a dollar yesterday, but rose in after hours trading a tenth of a dollar. The stock could gain on news from the Mortgage Banker’s Association. The stock is chasing it’s all-time high that hasn’t been since 1999, around 65$. The stock is currently sitting at its 52-week high with the low of 31.03 not seen since last September.
Lowe’s Companies, Inc. (LOW | 28.60 [-.09]) stock was down a tenth of a dollar yesterday, and rose by a nickel in after hours trading. LOW is also peaking towards its highest price ever before the financial crisis around $35. The stock is also bearings it’s 52 week high of 32.29, the lowest 52 week price at 18.53 also not seen since last September. LOW has not steadily risen as HD, but saw a dip in the summer months of 2012.
Apple, Inc. (AAPL) and Facebook (FB) are both up in after hours trading, AAPL releasing its new phone today and Facebook’s CEO, Zuckerberg, reassuring investors that Facebook will continue to dominate social media through mobile devices.
Alex Kalish has a masters degree in economics from Suffolk University.
Suggestions and comments welcome: alexk@keeneonthemarket.com
