It was a quiet day on Wall Street as markets will be closed tomorrow for Good Friday ahead of the Easter weekend. Trading volume was down as the Dow finished up 254 at 24,103. Stocks across the board were higher which is good but since today was a mild session ahead of a long weekend it is not something to get too excited about. IBD remains in correction mode and BTS is still in cash.
Washington State Lawmakers have overwhelmingly passed a bill that will update building codes and lead to an increase in the use of mass timber and CLT products in home and building construction. Check out our Facebook page here for a video and article about what “mass timber” is and how it is growing in popularity. This trend in building products could benefit rural forest land owners in Washington and utilize a wider spectrum of wood quality. In light of this trend, Vaagen Brothers Lumber in Colville has announced the construction of a CLT factory in Eastern Washington and some developers are licking their chops at the prospect of working with this new material. Just don’t do it on a rainy day!
With the first quarter coming to a close the price of WTI oil stood at just under $65 per barrel up 7.5% so far this year. US crude stockpiles are at solid levels, rigs counts are up and with the upcoming earnings reporting season energy companies are expected to post very good bottom line numbers as they continue to recover from the severe price pullback that occurred in 2015 and 2016. Within the energy business however the growth is not occurring in oil rather it is coming from natural gas and renewables like hydro, wind and solar.