Markets are volatile and it has all been to the upside lately. As of yesterdays close the S&P 500 had gone 43 trading days without a decline of 1% or more. That's the longest stretch without a big decline since the 66-day period that ended in July 2014. Compare that to early 2016 when in mid-February, the S&P 500 suffered three plunges of 1% or more in just five days. Lesson to be learned? --- Be in it for the long-term and expect short term and temporary declines. (FactSet)
Total mortgage application volume jumped 9.3% last week. Applications to refinance increased 7% and are nearly 14% higher than one year ago. Mortgage applications to purchase a home jumped 12% for the week and down 6% one year ago. The 30-year fixed-rate mortgage rate is 3.83%. (Mortgage Bankers Association)
Hiring was little changed in April. Job openings hit 5.8 million at the end of the month. The job openings rate was 3.9% with the biggest increase in wholesale trade, transportation, warehousing, and utilities. April hires were 5.1 million and there were 5 million separations. (Bureau of Labor Statistics)
S&P 500 is down 8 and the NASDAQ is down 16. MSCI International Index is down 1.26%.
Oil is down 60 cents at $50.63 a barrel.
Gold is down $2 at $1261 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.