The stock market saw another slow increase today with the three major markets increasing by less than 0.9% each. The Dow Jones increased 0.83% to close at 30,218.26. The NASDAQ rose 0.70% to close at 12,464.23 and the S&P 500 closed up 0.88% to finish at 3,699.12. STOXX Europe also saw a slight increase of 0.59% to close at 394.04.
Smith & Wesson Brands Inc. saw an increase in their stocks today with reports that their sales have more than doubled. In fact, firearm sales and demand are rising to record levels. The company has jumped to $52.2 million from only $1.3 million a year ago this period. This led to adjusted earnings per share of 93 cents, 30 cents more than the FactSet consensus. This after beating the FactSet estimates for sales by over $25 million.
“Therefore, this expanded consumer base of new firearm owners represents a healthy long-term opportunity for the industry as a whole, but specifically for Smith & Wesson,” According to Chief Executive Mark Smith.
Mortgage rates are falling yet again, which would seem to be a good thing for homeowners and new home buyers. Especially since the Federal Reserve is likely to hold things as they are for quite some time. Averages for 30-year fixed-rate mortgages are 2.71%, with is yet another record low for Freddie Mac this year. 15-year fixed-rate mortgages are averaging approximately 2.26%. The Federal Reserve is continued to purchase mortgage-backed securities in an effort to assist the economy. This has meant that lenders are able to make lower interest rate offers to their clients.
But the problem is that these numbers aren’t necessarily helping as much as they could have. There are also double-digit price gains now that are starting to counter the benefits that come along with lower mortgage rates.
“Treasury yields, which typically coincide with shifts in mortgage rates, rose to their highest level in three weeks on Tuesday following renewed discussions regarding more fiscal relief,” said Matthew Speakman, an economist at “But rather than rising with them, mortgage rates have instead held firm.”
West Texas Intermediate saw an increase on crude oil of 1.36% to close at $46.26 per barrel. Gold fell slightly today, by 0.10% to close at $1,839.30 per ounce. The treasury yield saw another good day as well, rising further than it fell yesterday. The 10 year yield closed at 0.97 while the 30 year yield closed at 1.73.