Debt ceiling negotiations may be difficult and cause some market volatility. Some of us have painful memories of 2011 when we first learned of an arcane piece of federal legislation that led to Standard & Poor's decision to cut the U.S. credit rating from AAA. Those events drove the S&P 500 Index down 19.4% peak to trough between April and October of that year. The deadline to raise the debt ceiling is October 1st. (LPL Research)
The National Association of Realtors says existing home sales fell 1.3% last month. Home supply was down 9.0% from a year ago. Housing inventory has declined for 26 consecutive months. The median house price is $258,300, a 6.2% rise from one year ago. The number of days homes were on the market in July was 30.
Sears posted a $251 million loss and a 11.5% decline in sales for Q2. They also plan to close 28 more Kmart stores this year. That's in addition to the 180 Sears and Kmart stores it has shuttered this year, and the 150 stores it plans to close by the end of this quarter. Sears stock has fallen more than 40% over the past 12 months. (CNBC)
Join us this weekend for Financial Focus Radio when we will answer your questions – with the truth in wealth building.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.