Business News

Oil Hits New Highs for 2016

Orders for long-lasting U.S. manufactured goods, like microwave ovens, cars and dishwashers rose 0.8% in March. Manufacturing accounts for 12% of the U.S. economy. Deep spending cuts on capital outlays by the oil patch have hurt this sector of the economy. (Reuters)
As we know low oil does have a cost.  Standard and Poor's downgraded ExxonMobil's credit rating from AAA to AA+ on expectations of continuing low oil prices. That leaves only Microsoft and Johnson & Johnson with AAA ratings from S&P. (CNBC)
Intel will cut 784 jobs, or 4% of their Oregon workforce, at its facilities in Hillsboro and Aloha. Intel has 19,500 workers in Oregon. (Portland Business Journal)
Chipotle had its first quarterly loss in history, The chain reported a net loss of $26.4 million.  Same-same store sales plummeted almost 30% on those food safety concern issues they have been battling through. (CNBC)
AT&T lost television subscribers and signed up fewer-than-expected monthly wireless customers in the first quarter. Profits rose by over 16% to $3.80 billion.Total sales rose 24.4% to $40.53 billion. (Reuters)
S&P 500 is down 1 and the NASDAQ is down 40.  MSCI International Index is down 0.40%.
Oil is up 99 cents at $44.94 a barrel. These prices are new highs for the year. (Bloomberg)
Gold is up $5 at $1248 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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