Business News

Happy Birthday Bull!

We are now 7 years from the Bear Market low of 3/09/09 when the S&P 500 hit a closing low of 677.  
The 2-years following the low the S&P 500 gained +101.7% on a total return basis.  Since then the S&P 500 has gained an additional 70.0%. Remember it is time in the market – not timing the market. (Bloomberg)

Outstanding credit card debt climbed to $917.7 billion in 2015. During the year, consumers amassed $71 billion in credit card debt, up 24% from the previous year. Average debts in 2015 hit levels not seen since the Great Recession, with households owing around $7,879 on cards. (CNBC)

There is a growing divide between refinance mortgage applications and those for purchasing a home. Refinances fell 2% last week and are still 13% higher than a year ago. Purchase applications rose 4% last week and are 30% higher than last year. (Mortgage Bankers Association)

Darden Restaurants, owners of the Olive Garden, gave a quarterly projections of profits of $1.18/share, up from 99 cents/share a year ago. Same-store sales are expected to rise 6%. The stock has gained 1.5% year to date at Tuesdays close. (Market Watch)

Oil is up 75 cents at $37.05 a barrel.

Gold is down $5 at $1275 a Troy ounce.
 

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