Business News

Retail sales rose 0.5% in May. It was the second straight month of gains as sales grew 2.5% from a year ago. Auto sales rose 0.5%, receipts at service stations increased 2.1%, and sales at clothing stores increased 0.8%, the largest gain since November. Online retail sales shot up 1.3%. Sales at electronics and appliance outlets gained 0.3%, but sales at building materials and garden equipment stores fell 1.8%. (Reuters)

May U.S. import prices recorded their biggest increase in more than four years up by 1.4%. Last month, imported oil prices leapt 17.4%, the largest increase since 1999. Imported food prices climbed 0.3%. Export prices jumped 1.1% in May, the biggest gain since March 2011, but export prices fell 4.5% year over year.  (Reuters)

Approximately 8,000 jobs will be cut at Bank of America's in the consumer services area.  This comes as the digital banking revolution gathers speed and reduces the need for back-office staff and bank tellers. Bank of America plans to add sales staff. (FT)

We continue to watch interest rates with the US 10-yr bond at 1.63%, the German 10-yr at 0.01% and the Japanese 10-yr bond is at a negative 0.2%. (Seeking Alpha)

S&P 500 is up 4 and the NASDAQ is up 13.  MSCI International Index is flat. (CNBC)

Oil is down 50 cents at $47.93 a barrel.

Gold is down $5 at $1283 a Troy ounce.

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

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