Financial News and Portfolio Management Discussion through June 27th

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

Stocks fell over the week as new COVID-19 cases surged in the US driving investors’ concerns that the reopening of businesses across the US may be slowed.  The S&P 500 fell 2.9% and the Dow sank 3.3% for the week.  Abroad, the FTSE All World Ex US was down 1.1% for the week.  The yield on the 10-year Treasury eased to finish the week at 0.64% from 0.70% the previous week.

Survey data showed business activity declined at a more gradual rate around the globe suggesting the recent economic weakness could be bottoming out.

US jobless claims held steady with 1.5M new claims.

The Fed capped the amount of dividends banks can pay out and suspended their ability to buy back shares to ensure they had sufficient liquidity to meet potential losses arising from the coronavirus.

Consumer spending rose 8.2% in May, a record.

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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