All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
Declines in US tech stocks driven by weak earnings reports led stocks down. The S&P 500 and Dow both fell 1.3% over the week. Internationally, Europe sank 2.0% and Japan plunged 5.1% for the week. The yield on the 10 year Treasury ended the week at 1.82%, easing from the previous week. Oil reached its highest level since November finishing at $45.92 a barrel. Article
The Bank of Japan left its main policy rate unchanged and did not take on any more simulative measures.
The Fed did not take any action at its April policy meeting and left few clues about its intentions at its June meeting. Concerns holding back an increase in interest rates included the possible British exit from the EU, low inflation and general economic weakness around the globe. Article
GDP grew at a 0.5% pace in the first quarter, it slowest performance in two years. Article
US wages grew just 2% from the year earlier quarter.
DuPont, Samsung, Facebook, Ford, Amazon and Exxon topped estimates while Apple, Twitter and Gilead fell short of expectations.
S&P dropped Exxon from its AAA credit rating that it has held for over 60 years.
Comcast agreed to buy Dreamworks Animation for $3.8 Billion.
Abbott purchased medical products maker St. June for $25 billion.
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