52 weeks in a row without a big weekly decline. The S&P 500 has now gone 52 straight weeks without closing lower by at least 2%. This is the longest such streak since 61 weeks in a row that ended in late 1995. The longest ever was 90 consecutive weeks ending in December 1958. (LPL Research)
Busy week of economic data ahead. Small business optimism, labor market turnover, inflation, industrial production, and retail sales. Overseas, a plethora of Chinese data is due out, including inflation, retail sales, industrial production, money supply, and new loan growth. (LPL Research)
The National Federation of Independent Business reported its small business optimism index for August rose 0.1% to 105.3, matching the year-to-date high posted in January. Some 28% of small business owners reported raising employees’ pay in the past three months. Only 15% of small business owners are planning to raise wages in the next three months. Business owners said their single most important problem is taxes (20%), followed by quality of labor (19%). Government regulations and red tape (16%) and cost/availability of insurance (11%) were the third and fourth most-cited problems.
The S&P 500 is up 5 and the NASDAQ is up 25. The MSCI international index is higher.
Oil is up 20 cents at $48.26 a barrel.
Gold is down $6 at $1329 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.