Updated on November 25, 2015 10:42:45 AM EST Wednesday’s bond market has opened flat despite a batch of mostly unfavorable economic news. The stock markets are showing minor gains of 20 points in the Dow and 12 points in the Nasdaq. The bond market is currently up 1/32 (2.23%), which should keep this morning’s mortgage rates at yesterday’s levels.
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The first of this morning’s four economic reports was October's Durable Goods Orders at 8:30 AM ET. The Commerce Department announced a 3.0% increase in new orders for big-tickets products at U.S. manufacturers. These are items with a life expectancy of three or more years. Analysts were expecting to see only a 1.5% increase, indicating manufacturing sector strength. However, this data is known to be volatile from month to month and a secondary reading that excludes more volatile and pricey transportation-related products, such as new airplanes, matched forecasts of a 0.5% rise. Those two points have helped prevent a negative reaction in bonds this morning as this was the most important data of the day.