Business News

Tight New Home Inventory

The rally of yesterday is looking at a second day in early trading. Tuesday the S&P 500 had its biggest one-day gain since March 11th. (Seeking Alpha)
New single-family home sales surged 16.6% to an annual rate of 619,000 units, the highest level since January 2008.  Prices hit a record high. With tight supply, the median price for a new home increased 9.7% from a year ago to a record $321,100. Inventory of new homes on the market fell 0.4%. That is only a 4.7-month supply of homes on the market. (CNBC)
No Greek debt scare this summer. Euro zone finance ministers, Greece and the IMF agreed on a deal to address Greek debt relief. Greece has agreed to more austerity and reform measures. (Reuters)
The end of an experiment gone wrong. Microsoft is the ending of its Nokia phone business by cutting 1,850 smartphone jobs and taking a charge of $950 million. They acquired Nokia's phone business in 2014 for $7.2 billion. In 2015 they wrote off $7.6 billion and cut 7,800 jobs. (The Verge)
Anheuser-Busch InBev, owners of Bends 10 Barrel Brewing, is being investigated by US antitrust officials over incentives that encourage distributors to sell more of the company's brands rather than competing craft beers. (CNBC)
S&P 500 is up 11 and the NASDAQ is up 25.  MSCI International Index is up 0.75%.
Oil is up 44 cents at $49.04 a barrel.
Gold is down $6 at $1224 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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