U.S. stock-indexes were higher yesterday, as data showing recovering consumer confidence and higher home prices helped offset ongoing concerns about the rising number of new coronavirus cases in many American states. Both the Dow and S&P 500 had their best quarterly performance since 1987.
Cirque du Soleil, the producer of a number of Las Vegas acrobatic shows, has filed for bankruptcy. The Montreal-based company blamed its bankruptcy on the "immense disruption and forced show closures as a result of the Covid-19 pandemic" and is aiming to restructure its debt with assistance from the Canadian government and private equity firms.
Consumer confidence rose in June to a three-month high as a reopening economy buoyed the spirits of Americans, but a recent spike in coronavirus cases could dampen any optimism unless it’s brought under control soon. The index of consumer confidence rose to 98.1 this month from a revised 85.9 in May.
Home prices strengthened in April, despite a national economic shutdown and a sharp drop in home sales due to the coronavirus. Prices for existing homes rose 4.7% compared with April 2019, according to the Case-Shiller National Home Price Index. Price gains have been accelerating since autumn. The 20-City Composite increased 4% year over year. Cities with the strongest annual price gains were Phoenix, Seattle and Minneapolis.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.