Morning Financial Update from Northwest Quadrant Wealth Management

Stocks surged for a third straight day Thursday as investors shrugged off the release of record-breaking initial jobless claims while the Senate passed a massive economic stimulus bill amid the coronavirus outbreak. US Stocks capped off their biggest three-day surge since 1931, over the past three days stocks are up more than 20%. 

Mortgage rates seesawed lower this week after the Federal Reserve stepped in to provide some assurance to lenders who were at a loss as to how to price home loans amid the disruptions caused by the coronavirus emergency.  The 30-year fixed-rate mortgage dropped to 3.50% during the week ending March 26.  Rates had spiked recently as there was no appetite in the secondary market to buy mortgages pushing mortgage rates higher even though the Fed was lowering rates.

Shares of Lululemon are higher after the company reported profit above Wall Street expectations but said they couldn’t provide 2020 guidance due to the COVID-19 outbreak.  Lulu’s Sales rose 20% to $1.4 billion. Comparable-store sales rose 9%, and direct-to-consumer net revenue rose 41%. Lululemon said it temporarily closed all of its retail locations in mainland China in February, and that all but one of these locations have since reopened. Retail locations in North America, Europe and elsewhere were closed in March.

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