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Stock market starts September with a gain; Nasdaq marks 46th record of 2017

U.S. stocks ended higher Friday, closing out the first session in September the same way it wrapped up the previous day and month, as Wall Street read a batch of mixed data, including the headline jobs report, as sapping some of the Federal Reserve’s zest for further interest-rate hikes in 2017. Lower borrowing costs are bullish for stocks of U.S. corporations. The Dow Jones Industrial Average closed up 0.2% at 21,997, marking its fourth straight day in positive territory. The Nasdaq Composite Index finished with its 46th all-time high of 2017, up 0.1% at 6,435, and posting a weekly gain of 2.7%. That’s its best weekly tally since the week ended Dec. 9, 2016, according to FactSet data. The S&P 500 , meanwhile, booked a weekly climb of 1.3% and, ended the session up 0.2% at 2,475. The Dow closed up 0.8% over the same period. On the economic front, the U.S. added 156,000 jobs in August, compared with the 170,000 expected according to economists polled by MarketWatch, with the unemployment rate holding at 4.4% in August, undercutting expectations. In corporate news, newly merged Dow Chemical Co. and DuPont & Co. saw their first trading day as DowDuPont Inc. . Trading action came amid relatively thin trading, with U.S. markets closed on Monday in observance of Labor Day.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Alphabet finalizes reorganization with new company named XXVI

Google Inc.’s parent company Alphabet Inc. announced Friday that it is forming a new company called XXVI Holdings Inc. that will finalize its transformation from a search giant into a corporate conglomerate with units across a range of sectors and industries. The new structure allows the company’s business units, now under the Google umbrella and called “Other Bets,” to become subsidiaries of Alphabet. Google is also changing from a corporation into a limited liability company, which is related in part to its status as an Alphabet subsidiary. A company spokeswoman told Bloomberg that the legal process won’t affect operations, executives or shareholder control. XXVI Holdings, or 26 as Roman numerals, is the number of letters in the English alphabet. The company’s stock edged down during the regular session to $952, but is up 20% this year, with the S&P 500 index up 9.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Trump to announce DACA decision Tuesday, White House’s Sanders says

President Donald Trump will make an announcement about a decision on an Obama-era immigration program on Tuesday, White House press secretary Sarah Huckabee Sanders said Friday. The Deferred Action for Childhood Arrivals program, or DACA, gives reprieves from deportation for nearly 800,000 people brought to the U.S. as children. Earlier Friday Trump said a decision could come as early as Friday and as late as Monday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Auto sales slumped to three-year low in August

Auto sales slumped in August to the worst level in more than years. According to data tabulated by Autodata, vehicle sales ran at a 16.1 million seasonally adjusted annual rate, down from 16.8 million in July and the worst since Feb. 2014. Economists polled by MarketWatch had expected a 16.6 million rate. Year-over-year, vehicle sales were down 6.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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ARMs Defy Weekly Dip in New Mortgage Activity

Heading into Labor Day, new home-lending business turned mildly lower. That wasn’t the case, however, for adjustable-rate mortgage activity.

In the seven-day period that concluded on Friday, the U.S. Mortgage Market Index from Mortgage Daily, — a barometer of upcoming originations — was 154.

Compared to one week earlier, the index — which is based on rate-lock volume at OpenClose — retreated 4 percent. No seasonal adjustments are made to the index.

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From:: Financing

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U.S. oil prices fall 5 weeks in a row; gasoline scores best week since February

U.S. oil prices edged up Friday, but settled with a fifth-straight weekly loss as traders weighed storm system Harvey’s impact on crude production and refinery demand in the Gulf of Mexico region. Gasoline futures, meanwhile, eased back, but still posted its strongest weekly gain since the last full week of February, as refinery output remained crippled in the wake of the storm. October West Texas Intermediate crude added 6 cents, or 0.1%, to settle at $47.29 a barrel on the New York Mercantile Exchange. It fell 1.2% for the week, according to FactSet data. October gasoline lost 3.1 cents, or 1.8%, to end at $1.748 a gallon-with the new front-month contract up about 13.4% for the month.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Wendy Forsythe Moves to HomeSmart International as COO

By Beth McGuire

Wendy-Forsythe

HomeSmart has announced the appointment of Wendy Forsythe, a real estate industry veteran of 20 years, as its new chief operating officer. Forsythe’s appointment comes at a time when Scottsdale, Arizona-based HomeSmart is making decisive moves to expand its brand and high-performing brokerage model nationally, the company stated.

Previously, Forsythe served as president of the brokerage division of management consulting company T3 Sixty. Before that, she was head of global operations at Carrington Real Estate Services, senior vice president of Network Services for Better Homes and Gardens Real Estate and vice president of sales for Royal LePage, Canada’s largest real estate company.

According to HomeSmart CEO Matt Widdows, bringing Forsythe on board is a key part of the company’s ambitious growth plans, which included notable activities like the May 2017 acquisition of Cherry Creek Properties in Colorado.

“We continue to build upon our solid operational foundation, and the addition of a highly-regarded industry expert like Wendy should send a strong message about how serious we are about growth,” said Widdows.

With a three-year growth of 200.65 percent, HomeSmart was ranked in August, for the fifth time, on the Inc. 5000 as one of the fastest-growing companies. The organization achieved this milestone with 13,779 agents in its network, 47 franchises and 126 offices.

HomeSmart was recognized in April on RISMedia’s annual Power Broker Report & Survey, which ranks the nation’s top real estate firms by sales volume and transactions, as No. 13 for sales volume and No. 9 for transactions.

HomeSmart’s current president and COO, Ashley Bowers, will continue to lead the organization as president with responsibilities spanning across all HomeSmart companies, present and future.

Forsythe will officially join HomeSmart on September 18.

For more information on HomeSmart International, visit http://www.homesmart.com/.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Wendy Forsythe Moves to HomeSmart International as COO appeared first on RISMedia.

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From:: Finance and Economy

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Wendy Forsythe Moves to HomeSmart International as COO

By Beth McGuire

Wendy-Forsythe

HomeSmart has announced the appointment of Wendy Forsythe, a real estate industry veteran of 20 years, as its new chief operating officer. Forsythe’s appointment comes at a time when Scottsdale, Arizona-based HomeSmart is making decisive moves to expand its brand and high-performing brokerage model nationally, the company stated.

Previously, Forsythe served as president of the brokerage division of management consulting company T3 Sixty. Before that, she was head of global operations at Carrington Real Estate Services, senior vice president of Network Services for Better Homes and Gardens Real Estate and vice president of sales for Royal LePage, Canada’s largest real estate company.

According to HomeSmart CEO Matt Widdows, bringing Forsythe on board is a key part of the company’s ambitious growth plans, which included notable activities like the May 2017 acquisition of Cherry Creek Properties in Colorado.

“We continue to build upon our solid operational foundation, and the addition of a highly-regarded industry expert like Wendy should send a strong message about how serious we are about growth,” said Widdows.

With a three-year growth of 200.65 percent, HomeSmart was ranked in August, for the fifth time, on the Inc. 5000 as one of the fastest-growing companies. The organization achieved this milestone with 13,779 agents in its network, 47 franchises and 126 offices.

HomeSmart was recognized in April on RISMedia’s annual Power Broker Report & Survey, which ranks the nation’s top real estate firms by sales volume and transactions, as No. 13 for sales volume and No. 9 for transactions.

HomeSmart’s current president and COO, Ashley Bowers, will continue to lead the organization as president with responsibilities spanning across all HomeSmart companies, present and future.

Forsythe will officially join HomeSmart on September 18.

For more information on HomeSmart International, visit http://www.homesmart.com/.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Wendy Forsythe Moves to HomeSmart International as COO appeared first on RISMedia.

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From:: Real Estate News

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Wells Fargo’s latest fake account revelation proves why the CFPB must survive

Wells Fargo’s latest revelation is the straw that broke my back. I’m done. I really just can’t anymore. I’ve talked to enough people who work in the housing business to know that the CFPB made their lives much harder. I get why they hate the CFPB. I really do. But, I can’t just sit back and watch the Republican Party undo all of the financial regulation borne out of the financial crisis. Situations like Wells Fargo show why the CFPB must exist. …read more

From:: Real Estate Wire

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Fed’s Dudley failed to disclose his half-sister worked at Wells Fargo

New York Fed President William Dudley said Friday he failed to disclose to his supervisors at the bank that his half-sister was a senior vice president at Wells Fargo. In a statement, Dudley said he did not realize his mistake until earlier this year. When he became aware of the mistake, he said he told the New York Fed’s board. In a separate statement, Sara Horowitz, the chair of the New York Fed board, said an outside review found the failure was a “relatively minor violation” and no further action was needed. The Bank of England’s deputy governor, Charlotte Hogg, resigned earlier this year over a similar lack of disclosure.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News