Prices for wood products are rising
Yesterday the S&P 500 rose 1.1% to 2,721 after briefly trading lower, with utilities as the best-performing sector. The Nasdaq advanced 1% to close at 7,330.
Prices for wood products are rising as lumber yards try to stock up ahead of what looks likely to be a busy home-building season this spring. A lumber shortage has pushed prices to record highs. (Topix)
The problems continue at Wells Fargo as it looks into problematic fee calculations in its wealth management unit. It is also reviewing whether some referrals and recommendations affecting 401(k) rollovers were inappropriate. (Think Advisor)
The Institute of Supply Management’s index of non-manufacturing industries slipped to 59.5 but still remained near historic highs. Anything above 50 is expansion.
The International Energy Agency revised U.S. oil output growth up sharply, noting the USA would be producing a total of nearly 17 million barrels per day in 2023. U.S. crude oil production has already risen past that of top exporter Saudi Arabia, to 10.28 million barrels per day.
The S&P 500 is up 9 and the NASDAQ is up 36. The MSCI international index is higher.
Oil is up 56 cents at $63.15 a barrel.
Gold is up $9 at $1329 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.