Financial News and Portfolio Management Discussion through February 22nd

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

Global stocks declined over the week on concerns over the continued spread of the coronavirus. The S&P 500 dropped 1.2% and the Dow fell 1.4% over the week. Abroad, the FTSE All World Ex US was down 1.4% for the week. Investors moved to safe haven assets with the 10-year Treasury yield ending the week at 1.47%, its lowest level since September. Gold reached a seven year high of $1,650.

Japan’s GDP growth contracted 6.3% in the fourth quarter, much worse than the 3.9% contraction projected.

China launched fresh stimulus measures to support its economy. The government is planning to step in to help businesses adjust their supply chains given the work stoppages that have occurred in the country.

In minutes from the Fed’s January meeting, officials were becoming more optimistic about the US economy before the coronavirus hit. The uncertain impact from the virus made their outlook more cautious.

Sales of previously owned homes fell 1.3% in January.

IHS Markit’s flash reading for manufacturing and services business activity fell to its lowest level in over six years.

Apple announced it wouldn’t meet its quarterly revenue projections because of the coronavirus.

HSBC said it would cut 35,000 jobs and reduce business lines across the US and Europe and focus on Asia.

Morgan Stanley is buying discount broker E*Trade for $13 billion.

Wells Fargo reached a settlement with the Justice Department and SEC agreeing to pay $3 billion over their fake accounts scandal.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
Bookmark this page