Clear Height Properties & Buligo Capital Sells 814 Commerce Dr. Property in Oak Brook

by The Chicago Times Business Staff

October 8, 2021

OAK BROOK, IL — Clear Height Properties and joint venture partner Buligo Capital Partners have sold an Oak Brook office property, demonstrating the opportunity that some investors see in recently renovated suburban office assets with some vacancy.

Helios Properties, based in Chicago, purchased 814 Commerce, a three-story, 173,017-square-foot office building from the Clear Height-led joint venture.  The building was purchased by the partnership in late 2019.

Since acquiring the building in late 2019, Clear Height has invested significantly in modernizing and upgrading 814 Commerce.  The most notable and extensive improvements made with the $1.5 million invested were to the building’s exterior and common areas, parking deck, and HVAC systems.

56.1 percent of the building is leased  consisting of three tenants: Innovista Health Solutions, IRC Retail Centers, and CPS.  The available space ranges in size from 1,438 square feet to 45,722 square feet in a single continuous block.

U.S. Stocks Limp On Weak Jobs Report

by The Chicago Times Business Staff

October 8, 2021

NEW YORK – Stocks shook in choppy trade Friday, as investors struggled to find a clear theme for markets after labor data revealed that the US economy created far fewer jobs than expected in September.

The Dow Jones Industrial Average fell 8.69 points to close at 34,746.25, while the S&P 500 slipped 8.42 points to end at 4,391.34. The Nasdaq lost 74.48 points 14,579.54.

A rise in Treasury yields indicates that fixed-income investors believe September’s headline figures will not derail the central bank’s plans to begin unwinding its easy money policies before the end of the year.

The Labor Department reported Friday that nonfarm payrolls increased by only 194,000 in the month, compared to the Dow Jones estimate of 500,000.  However, the unemployment rate fell to 4.8 percent, compared to expectations of 5.1 percent, and the August report was revised up to 366,000 from 235,000.

In Washington, an unprecedented federal default was avoided this week when the Senate voted late Thursday to extend the government’s debt ceiling through December.  The reprieve is only temporary, as lawmakers must return to bargaining before the end of the year.

Another Up Day For The Market As Washington Moves Toward Debt Deal

by The Chicago Times Business Staff

October 7, 2021

NEW YORK — The S&P 500 finished higher for the second day in a row on Wednesday, as technology stocks soared and investors digested bullish jobs data and rising 10-year Treasury yields, not to mention progress on the debt ceiling battle in Washington.

The Dow Jones Industrial Average closed 102.37 points higher to end at 34,416.99.  The S&P 500 rose 17.83 points to close at 4,363.55. The Nasdaq gained 68.08 points to finish at 14,501.91.

Higher crude oil and natural gas prices have recently boosted energy equities as shortages disturb businesses in Europe and China.  However, natural-gas futures NG00, -0.05 percent plummeted 10% on Wednesday after Russian President Vladimir Putin suggested his country would increase fuel supplies to alleviate European shortages, only a day after prices reached their highest level since late 2008.  Oil futures in the United States have also retreated somewhat after reaching their highest closing in roughly seven years.

Natural Gas Futures Close At Highest Price Since 2008

by John McPhaul, The Chicago Times

October 5, 2021

CHICAGO – Natural gas futures skyrocketed Tuesday to their highest price since 2008 as restricted supplies around the world threaten consumers looking to heat their homes this winter.

According to Dow Jones Market Data, November natural gas gained 55 cents to settle at $6.312 per million British thermal units, the highest front-month contract finish since December 2008.

This confirms the coming heating crisis about to hit consumers as reported yesterday by The Chicago Times.

Major Indexes Recover After Monday Blood Bath

by The Chicago Times Business Staff

October 5, 2021

NEW YORK — U.S. stock markets recovered slightly Tuesday after a slaughtering on Monday of the technology sector and negative news about Facebook.

Investors saw hope in the service industry today after encouraging estimates on activity within the United States and diminishing COVID-19 cases in September.

The Dow Jones Industrial Average rose 311.75 points to close at 34,314.67. While the mighty S&P 500 saw a gain of 45.26 points to close at 4,345.72.  The tech heavy Nasdaq Composite soared 178.35 points to finish at 14,433.83.

Finally, former Facebook employee Frances Haugen appeared before a Senate subcommittee in Washington, D.C., claiming in prepared testimony that the social-media giant prioritized business over safety. 

Stocks Tumble As Investors Fear Concerns Of High Inflation

by The Chicago Times Business Staff

October 4, 2021

NEW YORK – Blood bath on Wall Street today with the Dow Jones Industrial Average and Nasdaq both finishing lower today as concerns about higher-than-expected inflation grow in response to rising oil and natural gas prices.

The Dow Jones Industrial Average finished the day down 324.54 points, or 0.9 percent, at 34,002.92.

The S&P 500 lost 56.58 points to close at 4,300.46, its lowest closing since July 19.

The Nasdaq Composite Index plummeted 311.21 points to finish at 14,255.48, down 7.3 percent from its September 7 record closing.

Sectors fell further Monday, with markets bowing to pressure in technology and tech-related stocks.  Notably, the S&P 500 communication services sector fell 2.1 percent, led by Facebook Inc., which faced severe outages across all of its platforms.  The technology sector lost 2.4 percent.  The only industries that were not affected by the selloff were utilities and energy.

The climb in US oil to a seven-year high has fueled inflationary fears, with international benchmark Brent BRN00, 0.06 percent at its highest since 2018.  The Organization of Petroleum Exporting Countries and its allies maintained their present agreement on Monday to progressively boost crude production each month, including a 400,000 barrels per day rise in November.  Adding fuel to the fire, natural gas prices are projected to rise further, and if the winter is particularly harsh, Goldman Sachs analysts see the possibility of another doubling.

Finally, the market has been under increasing pressure, with developments concentrated on those in Washington, D.C., where heated debt ceiling negotiations are taking place and negotiations on infrastructure expenditure and social welfare spending have failed to reach an agreement.