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Financial News for the Week Ending February 23rd

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

After hitting new 5 year highs early in the week, then plummeting midweek, US markets bounced back on Friday to regain some the losses from the precipitous drop.  The S&P 500 was down 0.3% for the week, while the Dow eked out a 0.1% gain.  In Fed minutes released members raised concerns over its current bond buying policy and suggested that stopping prior to its unemployment goal might be the best path, sparking a selloff mid week.  Europe was up 0.4% on the week and Japan gained 1.9% to continue its march upwards.  The 10 year Treasury sank to 1.965%.   Article

Gas prices have reached a 4 month high after climbing for 32 straight days.

Home sales rose 0.4% in January and the number of homes available for sale fell to their lowest point in 13 years leaving more buyers chasing less homes. 

Office Depot and Office Max agreed to a merger joining the number 2 and 3 office sales retailers.   Article

Wal-Mart’s profit rose, but said it excepted sales to be flat as consumers are hit by the restored payroll tax. 

HP’s profits sank 16% on weak PC sales however the numbers were better than estimates.


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