The Dow closed out the trading week with a 64 point gain at 34,529. Trading volume was well off and for the week the Dow posted a 322 point gain rising 0.9% on stronger volume. With good earnings reports from Costco, Walmart and other retailers this past week the economy continues to show promise and markets are liking the trends.
The Economy and Earnings
Amazon announced it was buying MGM Studios for over $8 billion smackers. The move gives the big blue smile more content to compete with Netflix, Disney and others. The company also announced that CEO and founder Jeff “Big Bucks” Bezos was stepping down and will be replaced by Handy Andy Jassy.
US home prices jumped 13.2% in the month of March marking the largest increase in 15 years as the flight from city to suburb was sped up by the pandemic. CoreLogic Deputy Chief Economist Selma Hepp noted that home buying demand shows no signs of abating despite concerns over affordability and mortgage rates beginning to creep higher.
Oil prices continue to creep higher with WTI crude hitting $66.96 per barrel. Demand optimism is the main driver of the upswing as economic data in the US continues to point to a robust recovery. Research from ING is saying that even if OPEC + increased production and if Iran comes back online with a million barrels per day the markets should be able to absorb the additional supply give global recovery trends.
Items of Interest
The Scouts on Saturday will place flags on the graves of the Union Army vets at the GAR (Grand Army of the Republic) cemetery on Seattle’s Capitol Hill. We will also be doing a service project to include mowing the grass, pulling weeds and bringing in some mulch. On Monday the troop will have a small ceremony in honor of the veterans who rest there.
Also on Saturday we are holding our first Eagle Court of Honor in over a year. It will be to honor three scouts who survived the journey from lunkhead to fine young men to earn scouting’s highest rank.
May God Bless our veterans. As every veteran knows, talk is cheap so let’s endeavor to honor them in kindly deeds to our community and nation with a heart guided by the Spirit of Life, Truth and Love. I believe it’s what they would want from us for the sacrifice they so dearly sowed.