Financial News and Portfolio Management Discussion through September 12th

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

US stocks posted another down week again led by declines in tech stocks.  The Nasdaq has fallen 10% from its high hit on 9/2.  The S&P 500 fell 2.5% and the Dow sank 1.7% for the week.  Abroad, the FTSE All World Ex US was flat for the week.  Oil ended the week near its lowest level in two months.  The yield on the 10-year Treasury ticked down over the week to settle at 0.67% as investors moved to safe havens.

Tesla was not picked to be added to the S&P 500 sending its shares falling.

First time unemployment claims stayed at the same level as the prior week, 884,000. Continuing unemployment claims increased to 13.4 million.

The UK grew 6.6% in July from June, but grew at an 8.7% rate in June from May.  Economists don’t project the British economy to regain its pre-pandemic size until 2022.

The Atlanta Fed projects the US will post 7% growth in the third quarter and not recover to pre-pandemic levels until early 2022.

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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