It is the last trading day of the month of August. The S&P 500's incredible summer rally continues, as U.S. stocks are on track to post their fifth straight monthly gain. The S&P 500 has also performed surprisingly strong this month, as its 3% gain is its second-biggest rally in August since 2000. (LPL)
The S&P 500 Index closed at a new all-time high for four consecutive days this week. The longest such streak since six in a row to start 2018. The all-time record for consecutive new highs was 12 in a row in 1929, while in more recent times there was a streak of 11 in 1964. Interestingly, this is the first time the month of August has seen four consecutive new highs since 1987. New highs in August are somewhat rare, as since 1950, no month has "fewer" new highs than August. (LPL)
Consumer spending grew 0.4% month over month in July, boosting its year-over-year growth to 5.2%, the strongest pace since October 2014. Consumer spending accounts for about 70% of economic output. (LPL)
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With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.