The Mortgage Bankers Association's Market Composite Index, which measures mortgage loan-application volume, increased by a seasonally adjusted 0.5% last week.
The Energy Information Administration's weekly inventory report revealed better-than-expected supply levels in the week ended March 5. Crude stockpiles added 1.4 million barrels, which was lower than the 2.1-million barrel build that analysts polled by Platts had been expecting. Gasoline stocks lost 2.9 million barrels, and distillates shed 2.2 million barrels. Analysts had been looking for a decline of 338,000 barrels to gasoline stocks and distillates supplies that were lower by 950,000 barrels.
Late Tuesday, the American Petroleum Institute reported a build of 6.5 million barrels in crude inventories for the week ended March 5.
The dollar was trading lower against a basket of currencies, with the dollar index down by 0.2%.In commodities markets, crude oil for April delivery settled at $82.09 a barrel after adding 60 cents, and the April gold contract lost $14.20 to settle at $1,108.10 an ounce. Overseas, Hong Kong's Hang Seng was unchanged, and Japan's Nikkei slipped 0.04%. The FTSE in London rose 0.7%, and the DAX in Frankfurt gained 0.9%. -- Written by Melinda Peer and Sung Moss in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV