All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
New worries about Greece exiting from the eurozone combined with economic concerns to sink global stock markets for the week. The S&P 500 fell 1.0% and the Dow eased 1.3% for the week. Internationally, Japan dropped 1.3% and Europe sank 2.2% for the week. The 10 year Treasury yield fell to 1.85% as investors moved to the safe haven investment. Oil ticked up again to end the week at $55.74 a barrel. Article
Retail sales rose 0.9% in March, but the number came in below expectations as consumers continue to hold back spending over recent months. Article
China’s economy grew at a 7% rate in the first quarter, its slowest pace since 2009. Article
US Industrial production, which measures the output of manufactures, utilities and mines fell 0.6% from February, worse than expected, and posted the first quarterly decline since the recession.
Fed officials recent comments have shown a rate increase in June is unlikely.
The CPI-U rose 0.2% in March. Over the past year prices edged down 0.1%, but core inflation rose 1.8%. Article
Nokia agreed to buy Alcatel-Lucent for $16.6 billion in stock in a deal that would create a European telecom giant.
Intel, JP Morgan, Wells Fargo, Goldman Sachs, Citigroup, Blackstone, Netflix and GE all posted positive earnings reports , while American Express, Bank of America, Schlumberger disappointed.
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