All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks ended another volatile week down for the 4th week in a row on global growth and central bank policy worries. The Dow and S&P 500 dropped 1.0% for the week helped by a rally on Friday. Abroad, Japan plummeted 5.0% and Europe eased 0.9% for the week. Investors broadly moved to safe haven investments over the week. As a result, the 10 Year Treasury bond rose and its yield sank to 2.20% after earlier in the week moving as low as 1.8%. Energy producers have been hurt as oil has fallen to $82.75 a barrel. Prices have sunk 20% since June to near a four year low. Article
The Eurozne posted a 1.8% decline in factory output in August. Germany lowered its growth forecasts and inflation readings in France and the UK were weak.
US retail sales fell 0.3% in September for the first time since January. Article
US Industrial production jumped in September rising 1%, the largest increase since May of 2010.
Jobless claims fell to the lowest level since 2000.
China announced it would be dispersing roughly $33 billion into 20 national and regional banks in an attempt to spur lending and growth. Article
US home building recovered in September posting a 6.3% jump in housing starts, however most of it was driven by apartment construction. Also new building permits rose just 1.5%.
Johnson and Johnson, Intel, Citigroup, Goldman Sachs, GE and Morgan Stanley all posted positive earnings reports, while JP Morgan, Ebay, and Netflix disappointed.
HBO announced it would offer a streaming service for its eponymous premium cable channel.
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