Business News

More Record Highs

Yesterday the Brexit Rally continued in earnest. The Dow posted its first record high in over a year. The S&P 500 set a record high for the second day in a row. The Nasdaq went positive for 2016 for the first time all year with its ninth gain in 10 sessions. (CNBC)
Wholesale inventories rose marginally in May by 0.1%. Inventories have weighed on Gross Domestic Product since the third quarter of 2015 as businesses sell piles of unwanted merchandise. Businesses accumulated record inventory in the first half of 2015, which outstripped demand. In May, wholesale stocks of petroleum increased 3.2%. Auto inventories fell 1.9%, the biggest decline since September 2013, while farm products inventories soared 5.9%. (Reuters)
Lower interest rates pushed total mortgage application volume up 7.2% last week.  Refinance applications were entirely behind the jump, increasing 11%, to the highest level in three years. Refinances are up nearly 65% from one year ago. The average interest rate for 30-year fixed-rate mortgage decreased to its lowest level since May 2013, 3.6%. (Mortgage Bankers Association)
The S&P 500 is up 2 and NASDAQ is up 6.  The MSCI International Index is up 0.23%.
Oil is down $0.51 to $46.29 a barrel.
Gold is up $4 at $1347 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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