Wall Street lost its grip on new highs established during the previous trading session on Friday, as the major US indices and exchanges stumbled to close out the week on a particularly low note.

Initial Jobless Claims rose to 367,000 staying above the 350,000 recessionary threshold. Factory Orders fell 5.2% in August the biggest drop since January 2009. Freddie Mac set its 30-year fixed

Initial Jobless Claims came in at 351,000 in the latest week and last week’s reading was revised upward to 351,000. This means that claims are on the cusp of trending below the 350,000

Despite low mortgage rates, mortgage applications for re-financings and home purchases declined 4.5% last week. Existing Home Sales rose 4.3% in January to an annual rate of 4.57 million units.