Wall street and cell phones
The Commerce Department says new orders for U.S.-made goods for non-defense capital goods excluding aircraft, grew 0.3% in October. Business spending on equipment has increased strongly this year as corporations anticipated hefty tax cuts from the Trump administration. Business spending on equipment increased at its fastest pace in three years in the third quarter.
Global oil market is near balance, but U.S. Department of Energy forecasts call for a small surplus of about 1.1 million barrels per day of production in 2018. For comparison, in 2015 the surplus was approximately 6 million barrels per day. U.S. petroleum inventories are down about 100 million barrels from last year and have fallen within the 5-year range for the first time since 2014. But watch out for the likely supply response by U.S. producers at higher prices. (LPL)
In the 1987 movie Wall Street, Gordon Gekko is shown with his Motorola DynaTac 8000x cellphone. It weighed 2 lbs. and cost $3,995 ($9,835 in today’s money). In 1989, just 1.4% of Americans had a cellphone. (Human Progress)
The S&P 500 is up 4 and the NASDAQ is up 3. The MSCI international index is lower.
Oil is down 30 cents at $57.15 a barrel.
Gold is down $1 at $1277 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.