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Gold marks highest settlement in a month, up over 2% for the week

Gold prices settled Friday at their highest level in four weeks, with investment demand for the precious metal getting a boost from turmoil in the White House and weakness in the U.S. dollar. August gold added $9.40, or 0.8%, to settle at $1,254.90 an ounce. Prices stretched their streak of gains to a sixth-straight session, tallying a climb of about 2.2% for the week.

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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Q3 Mortgage Origination Forecast Lifted

Mortgage banking economists have improved their outlook for loan originations during the current quarter. Full-year expectations have risen for three months in a row.

From July 1, 2017, through Oct. 31, home-lending volume is expected to reach $455 billion. In the final quarter of this year, production is projected at just $348 billion.

The trough will occur in the first quarter of next year, when mortgage originations are expected to come in at only $345 billion.

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From:: Financing

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New York City guarantees legal representation to low-income residents facing eviction

Over the last several years, New York City has been aggressive in seeking to decrease the number of evictions that happen in the city, going so far as set aside nearly $50 million in 2014 and 2015 to provide legal services for residents facing eviction. Now, the city is taking its fight against evictions to another level by becoming the first city in the country to guarantee legal representation to low-income tenants who are facing eviction. …read more

From:: Real Estate Wire

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PetIQ shares soaring 32% in company’s market debut

Shares of PetIQ Inc. were soaring 32% Friday after the company made its debut on the Nasdaq. PetIQ, which distributes pet medications, sold 6,250,000 million shares at $16 a share to raise $100 million. The company posted net sales of $200.2 million in 2016 on top of a loss of $3.4 million. However, in the three months ended in March of this year, the company swung to a profit, with net income of $4.3 million on sales of $67 million. It granted underwriters a 30-day option to sell an additional 937,500 shares. Jefferies and William Blair were the lead underwriters on the offering.

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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Baker Hughes data show U.S. oil-rig count down for first time in three weeks

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil edged down by 1 to 764 rigs this week. The oil-rig count had previously tallied a two-week rise of 9 rigs. The total active U.S. rig count, which includes oil and natural-gas rigs, was also down 2 at 950, according to Baker Hughes. September West Texas Intermediate crude pared some of their earlier declines. It was down $1.08, or 2.3%, at $45.84 a barrel on the New York Mercantile Exchange, off a low of $45.71. It traded at $45.75 before the data.

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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Oil prices drop toward session lows, but gold trades near the day’s highs

Oil prices dropped to fresh session lows Friday, pressured as tanker-tracker Petro-Logistics said OPEC oil output is poised to climb by 145,000 barrels a day this month, according to a report from Reuters. The news came ahead of a weekly update on the number of active U.S. oil rigs from Baker Hughes. Gold prices, meanwhile, touched new session highs, finding some support as a haven investment following reports that White House Press Secretary Sean Spicer has resigned. September West Texas Intermediate crude fell $1.09, or 2.3%, to $45.83 a barrel, after a low at $45.71. August gold traded at $1,252.70 an ounce, up $7.20, or 0.6%.

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 orders report on how U.S. defense and industry are sourced

President Donald Trump is signing an executive order about the sources for the U.S. defense-industrial base, top officials said Friday. The goal, said Peter Navarro, director of the White House Office of Trade and Manufacturing Policy, is to “assess where we source things and what risk that may entail.” The report is due within 270 days. Navarro declined to say what recommendations the report might make.

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