All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
Global stocks rallied on more stimulus from China and likely from Europe along with solid corporate earnings. The S&P 500 gained 2.1% and the Dow rose 2.5%. Internationally, Japan climbed 3.0% and Europe jumped 3.9% for the week. The yield on the 10 year Treasury rose over the week to finish at 2.08%. Article
ECB president Draghi stated that the central bank is prepared to do more to raise inflation and drive growth. Article
China’s third quarter growth fell below the 7% level it targets to 6.9%. It’s the weakest pace of growth since the financial crisis. However, growth outpaced expectations of a 6.8% rate. Article
China announced it was cutting its central bank benchmark lending rate a quarter percentage point. They also reduced banks reserve requirement ratios by half a percent freeing up capital to lend. It was the 6th interest rate cut and fourth reserve requirement reduction since November. Article
US housing starts rose 6.5% in September driven by multifamily housing and home builder confidence rose higher than expected.
US existing home sales rose 4.7% in September putting the market on track for its best year since 2007.
Amazon, Microsoft, American Airlines, McDonalds, Alphabet, Proctor and Gamble, AT&T, Ebay and GM all topped expectations for the past quarter, while Yahoo, Morgan Stanley and IBM disappointed investors.
Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services. We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets. Visit us at www.raffawealth.com