Market leadership continues to shift
When I was a kid it was the go to place, but the Salishan Spa & Golf Resort on the Oregon Coast is up for auction. The minimum starting bid is $5.25 million. The resort underwent a $7 million remake over the past two years. The property is currently bank-owned. Built in 1965 Salishan sold in 1996 for $25.3 million and sold again in 2003 for $13 million. (PBJ)
Market leadership continues to shift as the healthcare sector hit new absolute and relative highs versus the S&P 500 Index. Biotechnology stocks are at their highest levels in over two years and small cap healthcare stocks are also working well for investors, which is one of the lone groups supporting small caps. (LPL Research)
Panasonic is eliminating 92 jobs as it closes its Salem solar energy operations. Layoffs will begin on November 4th. Panasonic bought the factory from Sanyo in 2012. Domestic solar producers have struggled to compete against less expensive Chinese imports. (Oregon Live)
The chairman of the House Ways and Means Committee, is floating the idea to provide relief for those suffering from the hurricanes by allowing affected residents to access their 401(k) retirement savings without paying a penalty, but pay taxes. Bad idea. (CNBC)
The S&P 500 is up 13 and the NASDAQ is up 44. The MSCI international index is higher.
Oil is up 22 cents at $47.70 a barrel.
Gold is down $12 at $1339 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.