Financial News and Portfolio Management Discussion through September 5th

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

US stocks broke a five week winning streak driven by a sudden decline in tech stocks.  The S&P 500 fell 2.3% and the Dow dropped 1.8% for the week.  Abroad, the FTSE All World Ex US was down 0.5% for the week.  The yield on the 10-year Treasury fell over the week to settle at 0.69% as investors moved to safe havens.

Employers hired 1.4 million individuals in August and the unemployment rate dropped to 8.4% from 10.2% in July, topping expectations.

Weekly initial unemployment claims fell to 881,000 for the past week the lowest level since mid-March.  The number of people receiving unemployment benefits dropped to 13.3 million.

US factory output grew in August at the fastest pace since November 2018.  China and Germany also posted an acceleration of growth in manufacturing in August.

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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