Today is the last trading day of the month and first quarter. Yesterday the S&P 500 and Dow closed at their highest level of 2016 for the second day in a row. (CNBC)
Mortgage applications, fell by 1% last week. That was largely due to a drop in refinancings, which slipped 3%. The refinance share of mortgage applications fell to its lowest level since July. The 30-year fixed rate mortgage inched up 0.1% to 3.94%. ( Mortgage Bankers Association)
Costco’s new card, managed by Visa, will launch June 20. It replaces the current card that is managed by American Express. The new Costco Visa card will offer 2% back on Costco and Costco.com purchases, and 1% back everywhere else. The new Visa also offers some of the best rewards of any card in the market. Costco customers who have the current American Express card will receive the new Visa card in the mail in May. (Business Insider)
This is the way it is supposed to work. Macy's CEO will get no bonus or raise after an awful 2015. Neither will any of the other top executives. Macy’s reported its first annual sales decline since the Great Recession. (Fortune)
Oil is flat at $38.42 a barrel.
Gold is up $10 at $1238 a Troy ounce. Gold is heading for its best quarter in close to 30 years. (Reuters)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.