All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US Stocks hit new record highs to end the week on positive earnings reports. The S&P 500 rose 0.9% and the Dow gained 1.1% for the week. Japan sank 3.3% on a strengthening Yen and weak earnings from Japanese companies, while Europe rose 0.5% for the week. The 10 year Treasury yield eased to 2.50% as some economic reports added to expectations the Fed would not look to cut their bond purchases soon. Article
The September unemployment report showed a weakening rate of hiring as employers added 148,000 jobs. The number is far short of the pace seen earlier in the year. The unemployment rate dropped to 7.2%. The weakening pace gave investors more confidence that the Fed would hold off on reducing their bond purchase program for the time being. Article
Chinese manufacturing data showed the country reached a seven month high.
J.P. Morgan reached a settlement with Fannie Mae and Freddie Mac for $5.1 billion over whether J.P. Morgan had mislead the housing finance agencies about the credit quality of 129 securities they purchased. Article
Netflix, Samsung, Microsoft, UPS, P&G, Daimler, Ford, and Hyundai all reported postioved earnings results.
B of A announced it had cut 1,200 mortgage jobs and will be cutting another 2,800 in the fourth quarter.
Amazon posted a loss for the quarter, its third in the past year, as expenses from expansion outweighed a 24% increase in revenue. Article
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