Mortgage Rates in Flagstaff as Elsewhere Are Volatile As They React to Today's Economic News

U.S. stocks surged higher Tuesday as beleaguered financial stocks fronted a rally that sparked the Dow's biggest single-day jump in eight weeks after Goldman Sach's outlook helped appease market jitters about the credit crisis.   The Dow Jones Industrial Average climbed 319.5 points or 2.5%, to 13,307.1 with all but one of its 30 components ending higher, led by financial stocks, including JPMorgan Chase, up 6.3%.  Is this a one day event?

Stocks continued to climb as the National Association of Realtors reported its index of contract signings on existing homes fell to 85.7 in September from the year ago reading of 107.6.  But the data was up slightly from August, and beat expectations of a 1% decline.

With the stock market this hot it is best to wait for further economic reports which will be out each day the rest of this week to see if the bond market improves.  I recommend floating now for a stronger bond market to appear.