Stocks are higher following the best two-day rally since March. The S&P 500 and Nasdaq are coming off their highest closes in nearly a month. (CNBC)
Total mortgage applications climbed 2.3% week over week. Applications are 24% higher than one year ago.
Mortgage applications to purchase a home rose 5% for the week and up 17% from one year ago. Applications to refinance were flat for the week. The average loan size for purchase applications reached a record of $307,700. (Mortgage Bankers Association)
Sears continues its slow and steady march to death as a business. Sales continued to fall in the first quarter with same store sales down 5.9%. Sears lost $471 million compared with $303 million they lost last year. It is also looking to peddle its brands Kenmore, Craftsman and DieHard as well as the Sears Home Services business. (USA Today)
Costco saw no growth in quarterly same store sales at U.S. stores for the first time in more than six years. Excluding the impact of fuel and currency fluctuations, same store sales climbed 3%. Profits rose almost 6% to $545 million. (Reuters)
S&P 500 is up 3 and the NASDAQ is up 8. MSCI International Index is up 0.25%.
Oil is up 50 cents at $50 a barrel. That is the first time about $50 a barrel in 7-months.
Gold is up $2 at $1226 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.