All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks sank over the week on a fall in media company stocks and concerns over the fed’s next move. The S&P 500 fell 1.3% while the Dow dropped 1.8% for the week. Internationally, Japan saw stocks rise 0.7% and Europe ticked up 0.2% for the week. The yield on the 10 year Treasury fell over the week ending at 2.17%. Oil has fallen to its lowest level since March closing at $43.87 a barrel. Article
Hiring continued its steady trend as employers added 215,000 jobs in July and 14,000 more jobs were added in May and June than previously estimated. The unemployment rate fell to 5.3% as well. Article
Atlanta’s Fed chief stated that unless the economy takes a major downturn he expects a rate increase at the September meeting
Consumer spending rose 0.2% in June over May. The weak growth may be a sign wage growth is weighing on purchases.
US auto sales rose 5.3% in July as consumers continued to flock to bigger vehicles.
Puerto Rico missed a large portion of a $58 billion bond repayment marking the first default by the commonwealth.
Sears and Berkshire Hathaway issued disappointing profit reports, while Sprint and Toyota topped expectations.
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