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Financial News for the Week Ending June 15th

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

US stocks posted a weekly loss on continued jitters before next week’s Fed meeting.  The Dow sank 1.2% and the S&P 500 fell 1.0%.  Europe edged down 1.4% as well.  Japan’s stock market continued to be volatile snapping back from a 6.4% loss on Thursday for a 1.9% gain on Friday to finish the week down 1.4%.  The 10 year Treasury yield, after reaching a 14 month high of 2.293% during the week, finished at 2.126% after increased Treasury buying.   Atricle

Greece was removed from MSCI’s developed market indices and moved to an emerging market. 

The 30 year fixed mortgage rate jumped to 4.15% in the first week of June its highest level since March of 2012.  Article

The city of Detroit told investors it planned to stop making payments on some of its debts including a $39.7 million payment that was due Friday.  The move could trigger a Chapter 9 bankruptcy filing.  Article

S&P upgraded its outlook for the US’s credit rating from negative to stable citing recent economic improvement.

Initial jobless claims fell dropping the four week moving average to 342,250, the lowest level since early 2008. 

Retail sales rose 0.6% in May up 4.3% from a year ago showing resilience from American consumers.  Article


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