Financial News and Portfolio Management Discussion through August 7th

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

US stocks ended the week at a record high on strong hiring and other economic news. The S&P 500 rose 0.9% and Dow gained 0.8% for the week. Abroad, the FTSE All World Ex US climbed 1.1% for the week. The yield on the 10-year Treasury rose over the week to finish at 1.31% up from 1.24%.

The July jobs report posted the largest number of new hires in 11 months with 943,000 jobs added and June’s hiring rate was revised higher. The unemployment rate dropped to 5.4% from 5.9% despite more workers looking for work.

US manufacturing activity remained strong in July.

The Fed Vice Chair said in comments the Fed could raise interest rates as soon as early 2023, an earlier move then previously discussed.

Service sector activity increased in July over June topping expectations. Eurozone manufacturing and service sector activity increased in July, but at a slower pace.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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