Financial News for the Week Ending January 4th

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

US stocks were down for the week on a large sell off on the first trading day of 2013.  The S&P 500 dropped 0.5% for the week while the Dow was off 0.1%.  Internationally, Europe was flat over the week, and Japan was up 0.7%. The 10 Year Treasury yield finished the first week of the year at 3.01% down slightly from the previous week.  Italian, Spanish, and Portuguese bonds, hit heavily by the European debt crisis, have rallied with improvement in those countries’ economies. Spain’s yields sank to their lowest level in 3 and a half years.  Article

The Institute for Supply Management’s December reading on US manufacturing was down slightly from November, but was still near the high for the year and appeared to build momentum going into 2014. 

The US auto industry posted its best sales year since 2007.  Sales were up 7.6% from 2012 as sales of pickups and SUVs exceeded cars.  Article

Unemployment claims in Spain dropped by 107,570 from the previous month well above expectations.

Fiat announced it would be taking full control of Chrysler in a $4.35 billion deal that will allow the two car makers to consolidate and ended the IPO proceedings Chrysler was considering.  Article

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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

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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