Financial News and Portfolio Management Discussion through September 21st

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

US stocks eased over the week on oil price gains and signs of limited progress on a US/China trade deal.  The S&P 500 was down 0.5% and the Dow fell 1.0% for the week.  Abroad, Japan edged up 0.4% and Europe rose 0.3% for the week.  The 10-year Treasury yield declined on trade concerns and after the Fed cut its benchmark rate a quarter percent. The yield finished the week at 1.75%, down from 1.90% at the end of the previous week.  Oil rose 6.7% to finish at $64.28 after an attack on Saudi oil facilities knocked half of its capacity offline.

46,000 GM auto workers are on strike.  The strike could cost GM $100 million a day.

China’s central banks took steps to inject $28 billion into the banking system.

Saudi Arabia said it would only be a matter of weeks before it fully restores its oil output from before the recent attacks.

The Fed voted to cut its benchmark interest rate to a range from 1.75% to 2.0% at their September meeting and comments made by Chairmen Powell left open the possibility of additional rate cuts.  The Fed cited cushioning the US economy from a global economic slowdown and the US/China trade war.

Sales of previously owned homes rose 1.3% in August from July, much higher than expected, and was the first year over year gain in 17 months.

 

 

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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