Business News

More Big Banks Report

U.S. retail sales fell in 0.3% March as households cut back on purchases of automobiles. Retail sales excluding automobiles, gasoline, building materials and food services ticked up 0.1%. (Department of Commerce)

U.S. producer prices fell 0.1% in March as rising energy prices were offset by a decline in the cost of services. This number suggests overall inflation will remain tame for a while. In March energy prices were up 1.8%. Gas alone surged 7.1%. Wholesale food prices fell 0.9%. (Reuters)

Bank of America's first-quarter profits fell over 18% from last year to $2.22 billion.  The big drag was their global trading unit. The banks revenue in the quarter was down 6.6% to $19.51 billion. (AP)

Wells Fargo posted a 7% drop in quarterly profit to $5.09 billion.  The nation’s third-largest U.S. bank set aside $1.09 billion to cover bad loans mostly in the energy sector. (Reuters)   

Oil is down 17 cents at $41.93 a barrel.

Gold is down $10 at $1238 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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