Financial News and Portfolio Management Discussion through July 4th

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

Global stocks rose over the week on positive economic news and businesses reopening. The S&P 500 jumped 4.0% and the Dow surged 3.2% for the week.  Abroad, the FTSE All World Ex US climbed 2.6% for the week.  The yield on the 10-year Treasury eased to finish the week at 0.67% up slightly from 0.64% the previous week.

The unemployment rate dropped to 11.1% in June from 13.3% in May and the US economy added 4.8 million jobs in June as business re-openings led to a surge of rehiring, surpassing expectations.

US auto sales are projected to fall by about a third in the second quarter, though the decline wasn’t as bad as feared.

ISM’s June manufacturing survey rose into expansion territory, higher than estimates.  Similar improvement in manufacturing was found in many countries in Europe and Asia in June.

Minutes from the Fed’s June meeting showed it expected to keep interest rates near zero through at least 2022.

Fed chair Powell said in senate testimony that the economy has improved faster than expected, but significant risks remain.

Since the virus began significantly impacting the US the Fed has implemented nine different emergency lending programs to support the economy.

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.
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