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Business News

Business News


Markets continued their upward March on Thursday as it seems to put international worries in the rearview mirror.  Not even poor economic data from Europe seems to put a damper on things. (Seeking Alpha)

Nordstrom reported profits 2% higher during the latest quarter, compared to a year earlier. Sales were $3.3 billion an increase of 6.2% over last year. On July 31st Nordstrom announced it will acquire Trunk Club, a personalized clothing service for men. The Company will acquire Trunk Club for $350 million in Nordstrom stock. (Business Wire)

Oil tumbled 2% on Thursday, as European economic contraction highlights weak demand, meanwhile supplies are ample despite international conflict. U.S. crude inventories rose by 1.4 million barrels last week. Crude output is expected to rise, with 2014 U.S. output at 8.5 million barrels per day and 9.3 million barrels per day for 2015, which would be the highest annual average production level since 1972. (Reuters)

U.S. auto loans jumped to the highest level in eight years last quarter, fueled by big increases in lending to risky borrowers. Banks and other lenders issued $101 billion in new auto loans in the second quarter. Total outstanding auto loans rose to $905 billion during the quarter. Auto loans are the third-largest source of Americans' debt, after mortgages and student loans. Mortgage debt actually declined in the second quarter to $8.1 trillion while student debt rose to $1.12 trillion. Americans have $669 billion on their credit cards.  (Associated Press)
 


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