Business News

Is Housing Affordable?

For the second time this month, the Dow, S&P 500, and Nasdaq hit simultaneous record closes, after not having done so since December 31, 1999. (CNBC)
Home builder sentiment rose two points to 60 in August. Housing affordability, which has been weakening amid rising prices, is playing into the drop in buyer traffic. Higher prices have more than canceled out the benefits of falling mortgage rates this summer. Just 62% of both new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $65,700. (CNBC)
Food distributor Sysco Corp. reported quarterly profits of $216 million. The company posted sales of $13.7 billion in the period. Sysco shares have risen 27% percent since the beginning of the year and increased 36% in the last 12 months. (AP)
Columbia Sportswear won a patent case in US District Court.  They alleged Seirus Innovative Accessories created a line of products, called HeatWave, by copying Columbia’s patented Omni-Heat Reflective products. Columbia filed the suit in early 2015 accusing it of infringing three patents. The two other issues go to trial in April 2017. (PBJ)
S&P 500 is down 3 and the NASDAQ is down 7.  MSCI International Index is flat.
Oil is up 25 cents at $46.00 a barrel. Oil prices are near five-week highs.
Gold is up $12 at $1360 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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