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,
for April delivery settled at $82.09 a barrel after adding 60 cents, and the April
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