Financial News and Portfolio Management Discussion through June 13th

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

Stocks pulled back on concerns about a resurgence in infections. The S&P 500 fell 4.7% and the Dow dropped 5.5% for the week.  Abroad, the FTSE All World Ex US declined 3.6% for the week.  The yield on the 10-year Treasury sank as investors moved back to safe haven investments.  It finished the week at 0.70% down from 0.90%, the previous week.

The organization responsible for dating recessions announced the US entered a recession in February ending the longest US expansion in modern history.

At the conclusion of the Fed’s June meeting they stated they planned to not raise interest rates through 2022 and to continue their current pace of Treasury and mortgage backed security purchases.  They are also looking at other ways to support the economy.

Approximately 1.5 million people filed initial jobless claims last week continuing a downward trend.  The total number of American getting unemployment benefits ticked down slightly to 20.9 million.

The UK said April GDP was down 25% from a year earlier.

OPEC agreed to extend current production cuts through July.

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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