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Dow Churns as Markets Wait on News From the Fed

Amanda Alix
October 9, 2013

The Dow Jones Industrial Average (DJINDICES: ^DJI) spent the early part of the morning in the dumps, after losing nearly 160 points yesterday, but began to perk up by midmorning. Stocks dropped again shortly thereafter, however, and appear to be on a bit of a roller-coaster ride as the Washington standoff continues, and President Barack Obama and House Speaker John Boehner appear to move further apart on fiscal issues.

Early this morning, the Mortgage Bankers Association delivered a trickle of good news on the mortgage front, reporting an uptick in mortgage applications of 1.3% last week, after a decrease of 0.4% for the prior week. A slight decrease in mortgage rates pushed up refinancing demand, with that index gaining 2.5%, its highest level since early August.

The Federal Reserve will take center stage this afternoon, as markets eagerly await the min