Market Update Tue, Feb 17 - 1:52 PM ET

Tue, Feb 17 - 1:52 PM ET
U.S. homebuilder sentiment surprisingly rose in February but were still near all-time lows. The NAHB/Wells Fargo Housing Market Index sqeeked out a 1 point gain to 9 from the record low of 8.

12:26 PM ET - Equity markets still under considerable pressure pushing dollars into the safe haven of the debt markets. The Dow is off 285 points while the 4.5% MBS is higher by 44bp.

9:50 AM ET - MBS trading higher as Stocks near low levels hit back in late November. NY Empire Index plummets to record low of -34.65. Treasuries soaring as investors seek safe haven. Oil falling by $2.50 at $35/barrel as demand wanes.

8:15 AM ET - Global stocks drop on continued fears of a worldwide recession will continue. Stock futures plunging here in the U.S. Treasuries advance the most in a week as investors seek safe havens. Oil falls to $36.61/barrel down 88 cents. MBS not yet open.