President Obama makes his pick for treasury secretary and there are signs that higher payroll taxes are slowing down the economy. Here's the Thursday Bloomberg After The Bell Report from the New York Stock Exchange.
American Stock Exchange
2411.20 up 18.05
3121.76 up 15.95
Standard And Poors 500
1472.12 up 11.10
President Obama's Chief of Staff Jack Lew has been nominated to take the helm as the next treasury secretary replacing Timothy Geithner.
It was a good day for the markets as stocks closed higher, sending the S&P toward the highest level in five years amid better than expected Chinese exports.
Some bad news though for potential home buyers. Bankrate says mortgage rates are at their highest level in four months with the 30-year fixed rate jumping to 3.67 percent this week.
Meantime, consumer confidence fell last week while firings unexpectedly rose, the first sign that higher payroll taxes will take a toll on the economy.
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