First positive September since 2013
Wall Street looks to post its first positive September since 2013. On the final trading day of the month and the quarter, the Dow, S&P 500, and Nasdaq look to post a third straight week of gains. The S&P 500 is at a record high. (CNBC)
The shuttered Hynix memory chip factory in Eugene sold at auction for $12.75 million. The buyer was not identified. Hynix spent $1.5 billion to build and the 1.2 million sq. ft. factory in 1998. It employed 1,400 people. (Oregonian)
Mortgage Bankers Association says mortgage application volume fell 0.5% last week and is now 21.5% lower than a year ago. Applications to refinance fell 4%for the week and are 36% lower than a year ago. The average 30-year fixed-rate mortgage stands at 4.11%.
Small caps and micro caps had big days Wednesday on the release of potential tax reform. The Russell 2000 Index gained 1.9% and closed at a new high for the fourth day in a row. In the process, it outperformed the S&P 500 by 1.5%, which was the largest one-day outperformance since November 2016. Micro caps did even better, as the Russell Microcap Index closed at its seventh all-time high over the past eight days and gained 2.2% for its largest one-day spike since November 2016.
The S&P 500 is flat and the NASDAQ is up 11. The MSCI international index is higher.
Oil is down 20 cents at $51.37 a barrel.
Gold is up $2 at $1290 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.