Stocks are up on news Hurricane Irma hit Florida with less force than expected and North Korea did not conduct another nuclear missile test over the weekend. Goldman Sachs, which argues that cautious investors are one of two reasons that “an imminent correction is unlikely” in U.S. markets. In a note to investors it says “at some point the S&P 500 will retreat; it has been 14 months since a 5% selloff and 19 months since a 10% correction,” wrote David Kostin, Goldman’s chief U.S. equity strategist. “But because investor euphoria is nonexistent, an imminent start of a long decline seems unlikely.” The other reason is the continuing strength of the U.S. consumer.
Oil prices extended their recent declines today, as investors assessthe impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey’s damage to oil refineries on the Gulf Coast. October crude is down 0.6%, to $47.19 a barrel on the New York Merc
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.