The Nasdaq and the S&P 500 are on their longest winning streaks in almost two years after finishing higher Tuesday. The Dow, meanwhile, is on its longest positive streak since July. The gains come as Treasury yields ease a bit from recent highs as the Federal Reserve continues to hold pat on rates and recent jobs data indicate some economic softening.
Seems simple enough: interest rates go down and mortgage demand goes up. That's what happened in recent days as mortgage rates had their biggest one-week decline in over a year, leading to the firstin a month, CNBC's Diana Olick reports. The recent surge in Treasury yields fueled even higher mortgage rates, pushing the popular 30-year fixed to over 8% at one point.
It was an off-year election, with an emphasis on state races, but Tuesday's results could potentially tell us a lot about what's going to happen next year, when President Joe Biden is expected to stand for reelection. Biden's poll numbers are in the dumps, and there are growing calls for him to step aside. But, defeating a candidate endorsed by likely Biden rival Donald Trump, while voters in Ohio enshrined the right to an abortion.