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With 492 S&P 500 companies having reported this week it effectively marks the end of fourth quarter earnings season. S&P 500 profit growth is a solid 7.7 %. Revenue growth is a very respectable 4.3%. (LPL Research)

New orders for "core" durable goods fell 0.4% between December and January, but the December reading, initially reported as a 0.7% gain, was revised up to show a 1.1% increase instead. The durable goods data are notoriously volatile month-to-month and subject to large revisions.  Looking at changes over three months can help to smooth out some of the inherent volatility, and in the three months ending January 2017, core durable goods orders rose 9%, a clear acceleration from the 4% gain posted in the three months ending October 2016. (LPL Research)

Home buyers signed 2.8% fewer contracts to buy existing homes in January month over month. The National Association of Realtors pending home sales index is 0.4% higher than January 2016.

The retailer Target fell short on quarterly profits posting a $1.45 per share. Sales declined for the sixth consecutive quarter. They also lowered their 2017 forecast. (CNBC)

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

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