Stocks snapped a 3-day win streak yesterday finishing lower as stocks that would benefit the most from an economic reopening struggled throughout the day.
Construction of new houses rose 4.3% in May as a reopening U.S. economy and ultra-low mortgage rates drew more buyers and encouraged builders to start to speed up work. Housing starts climbed to an annual rate of 974,000 last month from a five-year low of 934,000 in April. It was the first increase since January.
Federal Reserve Chairman Jerome Powell testified before House members yesterday, noting the central bank will move away from buying corporate bond ETFs in favor of direct corporate-bond purchases, saying “It’s a better tool for supporting liquidity and market functioning.”
J.C. Penney announced it has started its going out of business sale at the 136 stores they are closing, including four in Oregon. The stores will offer designated shopping hours for at-risk customers, such as senior citizens, on Wednesdays and Fridays from 11 a.m. to noon. Sales prices will be up to 40% off original prices. The four Penney’s closing in Oregon are the one here in Bend, McMinnville, Roseburg, and Salem.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.