Financial News and Portfolio Management Discussion through December 12th

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

US stocks fell over the week on concerns over if and when a new stimulus bill will be passed and continuing daily death and hospitalization records.  The S&P 500 fell 1.0% and the Dow dropped 0.6% for the week.  Abroad, the FTSE All World Ex US edged down 0.1% for the week.  The yield on the 10-year Treasury pulled back over the week to end at 0.89%, down from 0.97% a week ago.

The UK became the first western country to roll out a COVID-19 vaccine.

Trade negotiations between the EU and the UK continue with a 12/31/20 deadline.  If an agreement or an extension is not reached it would significantly slow trade between the two.

The FTC and 46 states filed an antitrust suit against Facebook.

The US daily death total from COVID-19 hit a new high.

New jobless claims jumped significantly over the past week.

The ECB announced they would increase their bond buying program from $607 billion to $2.25 trillion and extended it until at least March 20222.  They also provided support for the banking system boosting liquidity through several measures until June 2022.

Pfizer’s vaccine was formally approved by the FDA with the first US vaccination occurring on Monday the 14th.

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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