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The S&P 500 Index posted its second highest close ever yesterday, less than 0.5% away from a new all-time high. The S&P 500 has now gone 133 trading days (over six months), without a new high. Since the bull market started in March 2009, this is now the second longest stretch without a new high (the longest was May 2015 until July 2016). (LPL)

10-year hits the 3% wall. The 10-year Treasury yield has run up against the psychological 3% level yet again. After closing barely above 3% last Wednesday for the first time since May 22, the 10-year yield has steadily inched back down, currently trading near 2.95%. (LPL)

Tariffs are having little impact on overall earnings guidance. Forward four quarter estimates have impressively risen 0.6%. With less than 100 S&P 500 companies left to report (47 coming this week) suggests tariffs have had little broad impact on companies' outlooks. (LPL)

The Wall Street Journal reports employment in the manufacturing sector has increased since the end of the last recession in 2009, and growth has increased over 2018. Factory hiring is more than twice as strong this year as it was during January- July 2017.

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

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