Mortgage rates fell to their lowest level in a month, down to 6.25 percent from the 6.5 percent peak. The largest element in the decline has been the causeless relaxation common to market retracements after hysterical intervals. Wall Street operators often use the term "correction" in order to comfort a client's suddenly shirtless condition, but this bond-market bounce-back was legit. The newest data on the economy show moderation from the whatwazzat explosion in March: orders for durable goods were expected to flatten in April, but fell hard, down 2.9 percent. Sales of new homes dropped 11.8 percent in April, the biggest monthly decline in 10 years, although resales gained 2.5 percent. Insider sales of stock broke the 1971 record (Vickers Weekly Insider Report), perhaps boosted by the GDP report of only 1.2 percent growth in 1st quarter '04 total-economy business profit, way off the prior two quarters' 7.2 percent and 9.9 percent, respectively. Of all the economic data, the most be...
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