Weekly Summary of U.S. Economy

Summary: This week's economic releases were few in number but seemingly significant in impact. The Dow Jones Industrial Average hit record highs as oil prices neared 2006 lows, and the Federal Reserve Board's Open Market Committee (FOMC) shed some light on its policymaking with a pair of relatively benign reports. For the week, the S&P 500 Index increased 1.2%, to 1,366—its highest close since early 2001, and the DJIA closed at an all-time record high of 11,960 on Friday. The yield of the 10-year U.S. Treasury note rose 11 basis points to 4.81%, and the average 30-year fixed mortgage rate rose 12 basis points to 5.92%. The US dollar strengthened during the week vs. the euro, yen and pound.

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