The S&P 500 and Nasdaq Composite rose to record highs yesterday, boosted by hope of Washington coming through on additional fiscal aid before the end of 2020.
New applications for U.S. unemployment benefits rose in mid-December to a nearly four-month high, pointing to rising layoffs and more damage to the economy from a record increase in coronavirus cases. Initial jobless claims climbed to 885,000 in the seven days ended Dec. 12 from 862,000 in the prior week. It was the second monthly increase in a row.
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.55 million in November, representing a 1.2% increase from the previous month’s figure. Compared with last year, housing starts were up nearly 13%. The pace of building permits was the highest in 14 years.
Dozens of states filed an anti-trust lawsuit against Google, alleging that the search giant has an illegal monopoly over the online search market that hurts consumers and advertisers. The lawsuit, announced by Colorado Attorney General Phil Weiser, was filed in federal court in Washington, D.C. by states represented by bipartisan attorneys general. The lawsuit was joined by the attorneys general of 35 states including Oregon.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.