Interest rates improved slightly on the week on a mixed bag of economic data.  Economic reports supporting lower rates included yesterdays Existing Home Sales for June, which showed that sales fell 2.6% on expectations that they would only fall 0.8%.  Existing Home Sales fell to an annualized rate of 4.86 million units, the lowest level since June of 1998.  Also supporting lower rates was yesterdays weekly jobless claims, which increased by 34,000 on expectations that they would only increase by 15,000.  Economic data better than expectations included todays Durable Goods Orders for June, which increased 0.8% on expectations that they would only increase by 0.1%.  June New Home Sales were expected to fall to an annualized rate of 500,000 units.  As reported, New Home Sales came in at 530,000 units.  The University of Michigan Consumer Sentiment Index was expected at 56.3.  As reported, it jumped to 61.2, the largest increase since July of 2007.

The Dow Jones Industrial Average is currently at 11,381, down over 100 points on the week.  Crude oil futures prices fell by about $5 per barrel on the week to just under $124 per barrel.  The Dollar improved versus both the Yen and Euro on the week.

Next week look toward Thursdays first look at second quarter GDP and Fridays July employment report and ISM Manufacturing Index as potential market moving events