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Financial News for the Week Ending August 3rd

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

US stocks edged up to end the week as the unemployment report showed that the Fed would be unlikely to reduce their bond purchase program in September. The S&P 500 rose 1.1% and the Dow gained 0.6% for the week on positive economic news.  Internationally, Europe gained 1.8% and Japan rose 2.4% for the week on improved growth numbers.  The 10 year Treasury yield ended the week at 2.60%.   Article

The US posted a growth rate of 1.7% for second quarter GDP according to the first reading.  Growth was an improvement over the first quarter’s 1.1% and better than the summer slowdown some feared, but still showed a sluggish pace of growth.   Article

At the conclusion of the Fed’s most recent meeting the group issued a more cautious forecast of US economic growth stating it would continue on with its bond purchase program.  It cited rising mortgage rates and continued low inflation as reasoning to continue their policies.  Article

July manufacturing in the US jumped to the highest level since May of 2004 a strong sign for the economy.

At the conclusion of the ECB’s most recent meeting President Draghi sought to reassure markets that the bank will continue to keep rates low for as long as Europe struggles. 

Auto sales continue to soar rising 14% in July over the past year.

The July jobs report came in weaker than expected with 162,000 jobs being added below the expectations of 183,000.  It was the fewest number of jobs added since March and a large portion of the jobs added are for low paying part time work. However, the unemployment rate did drop to 7.4%, but this was partly driven by job seekers dropping out of the workforce.  Article


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