Business News

First Positive September since 2013

Wall Street looks to post its first positive September since 2013. On the final trading day of the month and the quarter, the Dow, S&P 500, and Nasdaq look to post a third straight week of gains. The S&P 500 is at a record high. (CNBC)

The shuttered Hynix memory chip factory in Eugene sold at auction for $12.75 million. The buyer was not identified. Hynix spent $1.5 billion to build and the 1.2 million sq. ft. factory in 1998. It employed 1,400 people. (Oregonian)

Mortgage Bankers Association says mortgage application volume fell 0.5% last week and is now 21.5% lower than a year ago. Applications to refinance fell 4%for the week and are 36% lower than a year ago. The average 30-year fixed-rate mortgage stands at 4.11%.

Small caps and micro caps had big days Wednesday on the release of potential tax reform. The Russell 2000 Index gained 1.9% and closed at a new high for the fourth day in a row. In the process, it outperformed the S&P 500 by 1.5%, which was the largest one-day outperformance since November 2016. Micro caps did even better, as the Russell Microcap Index closed at its seventh all-time high over the past eight days and gained 2.2% for its largest one-day spike since November 2016.

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

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