All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks posted gains over the week primarily driven by the strong jobs report. The S&P 500 gained 0.4% to reach a new record high, while the Dow rose 0.6% for the week. Abroad, Europe edged down 0.2% and Japan dropped 1.8% for the week. The yield on the 10 Year Treasury rose to 1.58% as investors saw a higher likelihood of an interest rate increase this year. Article
The July jobs report topped expectations with 255,000 new hires. The unemployment rate remained at 4.9% as more workers joined the labor force. In addition hourly earnings increased 2.6% in July, the strongest pace since 2009. Article
Japan approved a new stimulus package that has $73 billion in new spending in the countries latest effort to energize the economy.
New car sales fell in July from June and are up 0.7% from a year earlier; a much slower pace than seen previously.
Consumer spending rose for the third straight month, gaining 0.4% in June.
The Bank of England announced it was cutting its main interest rate by 0.25% to 0.25%, its lowest level ever and first rate cut since the financial crisis in order to help cushion the economy from any shocks after the vote to leave the EU. They also announced a bond purchase program to buy government and corporate bonds. Article
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