President-elect Trump has picked investor Wilbur Ross for commerce secretary. The new commerce secretary has ties to Oregon. His investment company WL Ross was one of the investors that bailed out Bank of the Cascades in 2010 and saved it from insolvency. (CNBC)
Mortgage interest rates are at their highest level in over a year. Total mortgage application volume fell 9.4% week over week, but is only 0.5% lower than a year ago. Refinancing was down 16% for the week and is now down 3% from a year ago. A 30-year fixed-rate mortgage rate increased to 4.23% from 4.16% last week. (Mortgage Bankers Association)
Businesses are always evolving and changing – even the most traditional. Tobacco giant Philip Morris Internationals CEO Andre Calantzopoulos says they may eventually stop selling cigarettes. He says alternative products like smokeless cigarettes, could eventually replace traditional cigarettes. (BBC)
Home prices were 5.5% higher year-over-year in September. The home price index is now higher than its previous peak hit in July 2006. Portland prices were up 10.9%. (S&P CoreLogic Case-Shiller Index)
S&P 500 is up 6 and the NASDAQ is up 1. MSCI International Index is flat.
Oil is up $3.12 at $48.35 a barrel.
Gold is down $7 at $1184 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.