Oil posts 4 year high
The Labor Department said consumer prices fell 0.2% in March. The first decline in 10 months. In the last 12 months the CPI is up 2.4%. Gas prices tumbled 4.9%, healthcare costs up 0.4% and apparel prices fell 0.6%.
The Mortgage Bankers Association says total mortgage applications fell 1.9% last week. It is 5.5% lower than one year ago. Refinancing fell to the lowest level in 10 years, down 2% for the week and off nearly 13% from a year ago. Refinances made up just 38% of total loan activity.
Oil prices hit new 2018 highs as missile strikes on Saudi Arabia added to the market’s worries about escalating conflict between the United States and Russia in Syria. West Texas Intermediate ended Wednesday up 2%. Its best closing since December 3, 2014. (CNBC)
The Wall Street Journal reports hedge-fund manager John Paulson owes about $1 billion in federal and state taxes this year. His firm has seen assets under management plunged from $38 billion to less than $9 billion in the last year.
Bed Bath & Beyond had a quarterly profit of $1.48 per share, above estimates. Same store sales were down 0.6%.
S&P 500 is up 12 and the NASDAQ is up 37. The MSCI international index is higher.
Oil is down 41 cents at $66.41 a barrel.
Gold is down $11 at $1349 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.