This could potentially upset the apple cart. Concerns over a potential government shutdown have some investors on edge. By midnight Friday, Congress must pass a spending bill, in order to prevent a government shutdown.
Department of Energy reported U.S. oil production climbed to a 43-year high of 9.566 million barrels per day this last week. On a monthly basis it is the highest production since May 1972.
The Federal Reserve said U.S. industrial production increased 0.9% in December. For 2017, industrial output rose 1.8%, the first and largest increase since 2014. Capacity utilization increased to 77.9% from 77.2% in November.
The National Association of Home Builders Builder sentiment fell to 72 just off the 18-year high of December. The index stood at 67 in January of 2017.
The Mortgage Bankers Association says total mortgage applications for the week rose 4.1% it is up 5.6% from a year ago. Applications to refinance rose 4% for the week. Mortgage applications to purchase a home rose 3% for the week and are 7% higher than one year ago. The average contract interest rate for 30-year fixed-rate is 4.33%.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.