The S&P 500 broke its longest losing streak in almost a year yesterday as it shrugged off the worry of political stalemate in Washington, DC. But today it looks like risk off as investors’ position themselves in front of a long weekend of headlines. (Associated Press)
August personal income was up 0.4% in August and consumer spending was up 0.3%. Those are both good numbers that shows continued economic growth. (US Department of Commerce)
Nike saw sales rise 8% last quarter and profits surged 37% (on a per share basis) to $780 million. The company reported slowing growth in China as they have excessive inventory and have misjudged Chinese consumer tastes. (Reuters)
The banking industry continues to consolidate as we put the financial crisis in the rearview mirror. Home Federal Bank is being bought by Banner Corp of Walla Walla Washington. The move will put Banner assets at $5.2 billon making it the fourth largest bank in the Pacific Northwest. Home Fed purchased Community First Bank of Prineville and Liberty Bank of Eugene when they failed as part of the financial crisis. (Banner Corp news release)
Join us Saturday at 10 for Financial Focus when we will have two guests. Washington, DC lobbyist Steve Silver to talk about what he thinks is the end game on the coming fiscal cliff and Chris Mergenthaller CEO of Velatrack about US exports and international trade.