Business News

Oil Supplies Climb

U.S. stocks are flat this morning, while Europe is higher and Asian markets closed mixed. Wall Street finished relatively flat yesterday. The market saw its second lowest volume day of 2016. The Nasdaq, up five straight days, could post its longest winning streak in a year with an advance today.      (CNBC)
 
Nike profits rose 20% in the latest quarter and sales rose 8%, but the company reported a slight slowdown in orders. The company posted profits of $950 million on sales of $8.03 billion. Nike was hurt by a strengthening dollar that erodes international revenue after currencies are exchanged. If currencies had remained unchanged, sales would have surged by 14%. (USA Today)
 
Total mortgage applications decreased 3.3% last week. Refinance volume was down 5%. Refinance volume was 4.5% lower than a year ago. The average 30-year fixed-rate mortgage is 3.93%. Mortgage applications to purchase a home, fell 1% for the week and are 25% higher than a year ago. (Mortgage Bankers Association)
 
S&P 500 is up 3 and the NASDAQ is up 18.  MSCI International Index is flat.
 
Oil is down 25 cents at $41.12 a barrel. The American Petroleum Institute says U.S. crude inventories rose by 8.8 million barrels last week, a gain almost three times higher than predicted.
 
Gold is down $19 at $1230 a Troy ounce.

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