Capex has been rebounding and has the means, motive, and opportunity for a sustained run. We are seeing on-going signs of a rebound in business spending and investment and believe the trend is likely to continue. Lower tax rates and the brining home of foreign profits are giving businesses the means to invest; business confidence and a tight labor market are providing the motive; and provisions in the tax law incentivizing capex and a still solid global growth backdrop are providing the opportunity. This could produce a sustainable pick-up in economic growth and the possible extension of our 2.75-3.0% 2018 growth estimate later into the cycle. (LPL)

At the close yesterday, the Dow was up about 1.5% for the month and S&P 500 up about 2.5% for the month, with the Nasdaq up more than 4% for the month. The Nasdaq is up about 12% in 2018, with the S&P is up nearly 4% and the Dow is up 1.5% year-to-date. (CNBC)

Foreign governments reduced their purchases of U.S. debt by about $5 billion each for March and April. Most notable was Russia, which sliced its holdings of U.S. debt nearly in half from March to April, from $96.1 billion to $48.7 billion. Foreigners held $6.17 trillion of the total $14.84 trillion of Treasury debt outstanding through April. The national debt is more than $21 trillion. (CNBC)

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