Bonds & Stocks
Stocks and bonds rose while oil fell as traders trying to gauge the viability of US-Iran ceasefire talks sent global markets to a series of big swings. The S&P 500 rose 1%. The yield on 10-year Treasuries declined three basis points to 4.33%.
Economy
US mortgage rates climbed for a third straight week, pushing homefinancing costs to the highest since October and dealing a blow to both purchasing and refinancing activity. The contract rate on a 30-year mortgage rose 13 basis points to 6.43% in the week ended March 20.
World
Iran rejected a ceasefire proposal and called US talks “illogical,” according to the nation’s semi-official news agency Fars. The US had tabled a 15-point plan which covers sanctions relief, civilian nuclear cooperation, missile limits and access for shipping through the Strait of Hormuz.