The Dow finally joined its index peers in record territory, rising nearly 1% Thursday to close at a fresh record high after a 237-day drought. The Dow has lagged the S&P 500 Index, the Nasdaq Composite, and the Russell 2000 this year amid escalating trade tensions, which have weighed on shares of larger, multinational U.S. companies. The S&P 500 also closed at a record high Friday, its sixth in the last month.(LPL)
Existing home sales remained unchanged at 5.34 million in August, the lowest level since March 2016. Year over year, existing home sales fell 1.5%, the sixth straight decline for the data. Existing home sales, which account for 85-90% of total home sales, are a prime signal of a cooling U.S. housing market, an area of the economy that still hasn't fully recovered since the financial crisis. Housing is an important part of output, accounting for approximately 15% of gross domestic product if you include the money spent on construction, maintenance, and rent. (LPL)
Embattled Wells Fargo is slashing its workforce by five to ten percent over the next three years, as the bank aims to reduce costs by $4 billion by 2020. Wells Fargo currently employs around 264,500 workers. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.