Monday Morning Cup of Coffee: When will mortgage lending pick up?

Monday Morning Cup of Coffee: When will mortgage lending pick up?

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Investments

HW 30, major indices ride into last trade week of February on a high

That sound is opportunity knocking

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Stocks were up across the board Monday with few exceptions at mid-morning, with several components of the HW 30 – the index of leading stocks that drive the housing market – up well above 3% and one up as high as 6%.

Stocks continued to cling to significant gains, reaching near their session highs by 1 p.m. ET.

The S&P500 hit a record high above 1,854, sliding a bit back but still in that rarified air, promising a possible record-high close. The S&P500 hit its record close previously of 1,848 in mid-January.

The Dow was up 185, or 1.15%, to 16,288. The Nasdaq gained 44, or 1.02%, to reach 4,307 at 1 p.m. ET.

The U.S. Department of Treasury plans to sell a large chunk of debt starting Tuesday, with $32 billion in 2-year notes on Tuesday, $35 billion in 5-year notes and $13 billion in 2-year floating rate notes on Wednesday, and $29 billion in 7-year notes on Thursday.

On Friday, data on new home sales for January will be released. Thursday will see durable goods orders data, while Friday will give a look at GDP data.

Federal Reserve Chair Janet Yellen goes to the Senate Banking Committee on Thursday, but little new is expected since her debut two weeks ago.

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