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Earnings season has been a success by virtually any measure, with an impressive upside surprise, very strong growth, and positive guidance overall. With 409 S&P 500 companies having reported, S&P 500 earnings for the first quarter are tracking to a nearly 26% year-over-year increase. The revenue picture is similarly positive producing an 8.4% annual increase. The earnings parade slows down this week with just 44 S&P 500 companies slated to report. (LPL)

The current economic expansion has reached 107 months, topping the 106-month expansion from the 1960s to make it the second longest since World War II. Only the 120-month expansion during the 1990s was longer. (LPL)

Oil tops $70/barrel. The potential for reinstatement of Iran sanctions pushed WTI crude over $70 for the first time since November 2014. Venezuelan production disruptions and Saudi Arabia's stated preference for an $80 price per barrel, on top of strong global demand and an easing inventory glut, have pushed U.S. oil to fresh multi-year highs despite recent strength in the U.S. dollar. (LPL)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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