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The Rent is Too High
Another record high close for the Dow. Housing rebounds but the rent is too high. We spend more on drugs than groceries. IMF cuts forecast for global growth. Offshore oil (not what you think). Earnings reports from: Wells Fargo, Goldman, IBM, Microsoft, and more. Financial Review by Sinclair Noe for 07-19-2016 DOW + 25 = 18,559 SPX – 3 = 2163 NAS – 19 = 5036 10 Y – .03 = 1.55% OIL – .67 = 44.57 GOLD + 3.20 = 1332.70 Another record high for the Dow Industrial Average, although it is looking like the rally is running out of steam. After a 3 week, 8% run for the S&P 500 index, today there was a pullback in the broader market. Housing starts jumped in June but from downwardly-revised levels earlier in the year, pointing to a market for newly-constructed homes that continues to grind forward slowly and steadily. Starts were up 4.8% to a seasonally adjusted annual pace of 1.19 million. Permits, which foreshadow starts in the future, rose 1.5% to an annualized 1.15 million. The value of owning a home in the U.S. has never been greater. The share of Americans’ total personal income coming from rental profit rose to a record 4.4% in the first quarter of 2016. That’s at an all-time high in figures dating back to 1947, and is up from just 0.7 percent thirty years ago. According to the Commerce Department, rental income includes landlords’ profits. It also includes how much ...
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By Sinclair NoeAnother record high close for the Dow. Housing rebounds but the rent is too high. We spend more on drugs than groceries. IMF cuts forecast for global growth. Offshore oil (not what you think). Earnings reports from: Wells Fargo, Goldman, IBM, Microsoft, and more. Financial Review by Sinclair Noe for 07-19-2016 DOW + 25 = 18,559 SPX – 3 = 2163 NAS – 19 = 5036 10 Y – .03 = 1.55% OIL – .67 = 44.57 GOLD + 3.20 = 1332.70 Another record high for the Dow Industrial Average, although it is looking like the rally is running out of steam. After a 3 week, 8% run for the S&P 500 index, today there was a pullback in the broader market. Housing starts jumped in June but from downwardly-revised levels earlier in the year, pointing to a market for newly-constructed homes that continues to grind forward slowly and steadily. Starts were up 4.8% to a seasonally adjusted annual pace of 1.19 million. Permits, which foreshadow starts in the future, rose 1.5% to an annualized 1.15 million. The value of owning a home in the U.S. has never been greater. The share of Americans’ total personal income coming from rental profit rose to a record 4.4% in the first quarter of 2016. That’s at an all-time high in figures dating back to 1947, and is up from just 0.7 percent thirty years ago. According to the Commerce Department, rental income includes landlords’ profits. It also includes how much ...