All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks had another record setting week on positive consumer sentiment and other economic readings. The S&P 500 gained 2.1% and the Dow rose 1.6% for the week. Japan saw stocks advance to a 52 week high gaining 3.6% and Europe rose 1.2%. On the positive upswing for stocks the 10 year US Treasury yield rose to 1.95% and gold sank to $1,364.90 an ounce. Article
IPOs are on pace to raise the most money since the financial crisis. So far in 2013, 64 companies have raised $16.8 billion in initial public offerings.
Retails sales rose 0.1% in April as declines in food and gas prices allowed consumers to spend more elsewhere.
Japan’s GDP grew 3.5% to start the year outpacing expectations, an early sign that Japan’s stimulus measures are having an effect on the economy. The mark was up from the 1% growth seen in the 4th quarter. Article
The euro zone has now entered its worst slump since the end of World War II as first quarter GDP was -0.9%, the sixth straight quarter of contraction for the country bloc. The readings raise more questions about fiscal austerity and their remains a stark contrast between the slightly positive growth of the northern countries and the near depression conditions of the southern countries. Article
The CPI-U for April fell 0.4% driven by falling food and energy prices for the second straight monthly drop. The annual inflation rate is now at 1.7% excluding food and energy prices, well below the Fed’s target rate. Article
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