Daily Market Update 7/24/08

Rates improved Thursday following a spike in Weekly Jobless Claims and a larger than expected drop in Existing Home Sales. Home resales fell 2.6% in June. Nationally, median home prices dropped 6.1% compared with a year earlier. Yesterday the House passed a $300 billion housing rescue bill, as expected. The measure is likely to be approved by the Senate today or tomorrow before moving onto the White House, where President Bush has indicated his willingness to sign the bill. Stocks moved lower, oil prices held steady at about $124 a barrel, and the dollar was higher against the euro.