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Mark Hemingway

Mortgage Market Update for November 16th

Monday, November 16, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

More positive vaccine news hit the wires today this time from biotechnology company Moderna which is sending stocks screaming higher as the week kicks off. Moderna reports that its new COVID-19 is 94.5% effective against the virus. Dr. Scott Gotlieb, a CNBC contributor said this morning, "We could effectively end this pandemic in 2021 with Pfizer and Moderna Covid vaccines." Wow! That's a powerful statement and the nation hopes it will come to fruition. The only economic report out today was the Empire Manufacturing Index for November coming in at 6.3 versus 14 expected but takes a backseat to the vaccine mews. Within the report, it showed that the employment component inched higher while the future business index was unchanged. The rest of the week features Retail Sales, housing and a few more manufacturing reports. Economic data has been positive as of late as the U.S. economy continues to emerge from the total shutdowns that took place in late March, April and May.

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