The stock market rallied to a record close yesterday, sparked by hopes for another stimulus package and smoother vaccine rollout ahead. A slew of strong quarterly results also boosted sentiment, including from Netflix which soared 17%.

The construction industry’s outlook worsened to start the New Year, according to the National Association of Home Builders’.  Their monthly confidence index dropped three points to a reading of 83 in January.  It was the second consecutive month that the index has dropped, though the reading still remains strong.  Index readings over 50 are a sign of improving confidence. Back in April and May, the index dropped below 50 as pandemic concerns mounted, but months later the index hit a series of record highs.

Oregon’s unemployment rate climbed to 6.4% in December, up from 6.0% the prior month. It’s the first increase in seven months as the state hunkered down amid a sharp increase in COVID infections.  The state shed 25,500 jobs last month, according to data from the Oregon Employment Department, with the biggest losses in the leisure and hospitality sector. Ten months into the pandemic, Oregon has regained just 37% of the jobs lost in this recession.
 
Tyler Simones, Partner
Northwest Quadrant Wealth Management