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The S&P 500 closed at a record high yesterday after the Federal Reserve hinted at a slightly faster pace of interest rate increases starting next year because the Fed officials see the economy continuing to recover.

Amazon unveiled its long-anticipated smart phone yesterday.  The companies CEO Jeff Bezos showed off the new Fire phone with 3D visual technology.  The Fire phone will have a 4.7 inch screen and a 13 megapixel camera.  My take is that this will be a flop like the Facebook and Google phones.  Remember those?  Shares of Amazon still traded higher on the unveiling.(marketwatch.com)

US jobless claims fell 6,000 last week to 312,000, which is a 7 year low and should go a long way in lowering the unemployment rate.(CNBC)

Shares of the supermarket chain Kroger rose 6% this morning after the company reported much better than expected profit and sales in the 1st quarter.  The company also raised their full year earnings guidance.(marketwatch.com)

As is things haven't been bad enough for General Motors, GM was hit yesterday with a $10 Billion class action lawsuit.  The suit says that GM should compensate millions of car and truck owners for lost resale value after the company had to recall 20 million cars this year.  The lawsuit paints a disturbing picture of GM's approach to safety over the years.  Shares of GM traded lower on the news.(yahoo finance)

Help Puerto Rico

Most organizations are asking for cash, rather than supplies, so they can route help to where it’s needed most more quickly. Here are some of the largest groups with campaigns underway:

 

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  • Click on the link for the latest conditions on the mountain passes.

 

  • Intersection of NW Broadway Street and NW Delaware for waterline replacement project, road closures with detours clearly marked for thru traffic, 7 a.m. – 4 p.m. daily with roads opened nightly. Motorists are encouraged to avoid this area and use Bond Street and Wall Street.

 

  • Nels Anderson Road between Nels Anderson Place and Brandis Court, single northbound shoulder closure will be in effect, two-way traffic to be maintained. Project completion expected December 2017.