Stocks today continued to trade off a bit as the Dow fell 29 points to close at 20,924 on heavier trading volume. Biotech stocks were lower after an initial proposal to replace Obamacare was issued by the House of Representatives. Let the games begin!
Large and small manufacturers along the US gulf coast are expanding with a focus of utilizing domestic energy and more efficient ways to produce plastics and other products for domestic consumption as well as export. In response to this, Exxon Mobile announced a $20 billion, 5 year capital investment plan to expand refining in the gulf coast region. The project is expected to create 12,000 permanent jobs. Natural gas exports in the gulf region began last year and volumes are ramping up. Along with Exxon, natural gas firms are investing heavily in the region to take advantage of these trends.
The Puget Sound Business Journal reported that Penske Truck rental, on a recent survey of moving trends, concluded that Seattle is the top destination for major cities with about 200 people moving to the Puget Sound region every day. Other hot spots are Denver, Houston, Dallas and Atlanta.
Gold prices fell $9.70 an ounce to $1,215 as expectations for a rate hike next week, coupled with strong import and export data and improving economic data from Europe, continue to signal better economic days ahead.