It was record closing highs for the Dow, S&P 500, and Nasdaq yesterday as the session marked the first time all three have closed at record highs on the same day since July 26th.
The Census Bureau reports middle-class income hit a record level in 2016. Median household income was $59,039, surpassing the previous record of $58,655 set in 1999. The poverty rate fell to 12.7%. Lowest since 2007.
Major events such as hurricanes have both human and economic impacts. Reinsurers lost almost 2% in market cap last week and gained almost all that back this week. It appears that economic growth in the third quarter could see a hit of -0.5% to -1.0% to GDP, bringing growth down to ~2.0%, due to storm damage. The rebuilding process, though, will last for some time, boosting output by a similar magnitude in ensuing quarters. Material, energy, and home improvement retailers are among those poised to potentially benefit. (LPL Research)
It is not just the big boys that have security worries. Bright Wood, Jefferson County’s biggest employer, has notified its 915 workers of a security breach. Names, birthdates, addresses and Social Security numbers may have been compromised. (KTVZ)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.