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Financial News for the Week Ending March 29th

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

US stocks were mixed over the week as many high flying biotech stocks plunged. The S&P500 was off 0.5%, while the Dow rose 0.1%.  Internationally Europe rose 1.8% and Japan gained 3.3%.  Emerging market stocks saw strong gains rising 4.5%.  The 10 year Treasury yield ended the week at 2.71% down slightly from the previous week.  Article

ECB policy makers stated they were prepared to make more aggressive moves to fight low inflation in Europe including having negative interest rates or purchasing debt to lower long term interest rates which would hopefully encourage lending.

The final revision of 4th quarter GDP showed economic growth was slightly better in the US than the previous estimate as it rose 2.6%.  Business investment and consumer spending were revised higher. 

Consumer spending edged up 0.3% in February, but January was revised down to a 0.2% gain.  The weaker spending numbers have driven economists to lower their expectations for first quarter GDP growth. 

Facebook made another large acquisition purchasing virtual reality goggle maker Oculus VR for $2 billion as the company continues to expand on its goal of connecting people.  Article

US corporate profit hit new all-time highs in 2013 as companies kept hiring and expenses down.

GM increased its ignition switch recall by close to a million vehicles bringing its total recall to 2.6 million vehicles.  Article

B of A will pay $9.5 billion to settle financial crisis era suits regarding mortgages sold to Fannie Mae and Freddie Mac.  Former BofA CEO Ken Lewis will pay $10 million and not work for a public company for three years over his role in the acquisition of Merrill lynch. 


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