All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US Stocks ticked up slightly as recent economic news has reinforced investors’ views that the Fed will be slow to raise rates. The S&P 500, Dow and Nasdaq indices all notched record highs on the same day for the first time since 1999. For the week the S&P 500 was up 0.1% and the Dow gained 0.2%. Abroad Europe gained 1.4% and Japan jumped 4.1% for the week. The yield on the 10 year Treasury edged down to 1.52%. Article
China’s GDP grew at a better than expected 6.7% rate in the second quarter. Article
Retail sales were essentially flat in July. Article
US productivity fell for a third straight quarter dropping at a 0.5% annual rate in the second quarter. It is the longest streak since 1979 and puts a cloud over future US growth prospects.
Economists predict the Fed will raise interests one time this year at their December meeting.
Wal-Mart agreed to buy jet.com for $3.3 billion as the retailer seeks to improve its online presence and further compete with Amazon.
Alibaba reported a 59% jump in revenue in the second quarter, well outpacing expectations.
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