Business News

The S&P 500 posted its fourth consecutive down day Tuesday as markets fret about politics and headlines associated with the federal budget debate.  Don’t expect anything to change for the next few days as we are likely to see even more brinksmanship. (CNBC)

August Durable Goods were up 0.1% which was better than expected. August was much better than the minus 8.1% in July.  (US Department of Commerce)

As the Federal Reserve put tapering of their bond buying program on hold interest rates have temporarily fallen and that boosted mortgage applications for a second week.  Refinancing applications were up 4.9% and new home applications were up 5.5%. The 30-year fixed rate stands at 4.62%. (Mortgage Bankers Association)

Home prices continue to rise, but not at the heated levels we have seen over the last year. In July home prices were up 12.4% from a year earlier. (Case-Shiller)

Consumer confidence dipped slightly in September, just off the 5 ½ year highs set in June.  Consumers continue to show worry about the slow pace of the recovering economy. (Associated Press)

A Portland hedge fund manager who stole $6.4 million from investors in a Ponzi scheme will spend 6 ½ years in prison.  Yusaf Jawed promised big returns but never invested the money and instead used it to pay back personal loans and travel. (Oregonian)


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