This week's been horrible for mortgage rates - BUT - THEY'RE STILL AT HISTORIC LOWS!
As the U.S. economy improves, Americans are starting to dine out more often fueling sales at restaurants to hit all-time highs. The Census Bureau recently reported that April sales at eating and drinking establishments hit a record $45.9 billion, surpassing the previous high in December by $200 million. Sales did slip a bit in the first quarter of 2013, due in part to higher payroll taxes, but sales are expected to increase.
Mega bank Wells Fargo has been ordered by a federal judge to pay $203 million in a class action lawsuit due to excessive overdraft fees on checking accounts. The suit was thrown out last year, but U.S. District Judge William Alsup reinstated it on the grounds that Wells violated a California law that protects consumers against fraudulent misrepresentations. Wells Fargo will appeal the ruling.
Famous snack treat Twinkies will be back on the shelves before you know it, said Hostess Brands vice president recently. The shelves will be stocked with the Twinkies by late July along with all of the Hostess snacks. The company said that the snack favorites will be delicious and fattening as they always were.
Stock prices are trying to stabilize today after the closely watched S&P 500 Index fell nearly 4% in the last two trading sessions and declined nearly 6% since the high of 1,687 hit on May 22. The recent drop can be attributed towards concerns that the U.S. Federal Reserve will pull back on its stimulus program geared towards promoting a strong economy and good old-fashioned profit taking. The stimulus program, known as Quantitative Easing 3, has been the fuel that has been igniting the recent rally in Stocks, which pushed the Dow Jones Industrial Average and the S&P to record highs.