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Financial News for the Week Ending September 28th

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

US markets sank for the week as concerns over the increasingly likely government shutdown weighed on stocks.  It was the first down week in a month.  The Dow fell 1.2% and the S&P 500 dropped 0.6%.  Internationally, Europe fell 0.6% and Japan was flat rising 0.1%.  The 10 year Treasury yield fell over the government concerns ending the week at 2.62% as bonds rose.  Article

The Treasury announced the government would hit its debt limit on October 17th setting a new deadline after the current government shutdown deadline of October 1stArticle

New home sales gained 7.9% beating forecasts, but pending home sales edged down for the third month in a row. 

The final look at second quarter GDP was steady at 2.5%. 

Consumer spending rose 0.3% in August increasing from July, but is at relatively slow pace.

Blackberry received an offer from Fairfax Financial Holdings to take it private for $4.7 billion.  The firm also posted a fiscal second quarter loss of $965 million and a fall in revenue of 45%. 

Apple set a new sales record for the iPhone selling 9 million phones in their first 3 days.  They also increased their forecasts for the quarter. Article


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