Financial News and Portfolio Management Discussion through December 4th

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

The Omicron variant continued to weigh on markets over the week sending stocks down. The S&P 500 fell 1.2% and the Dow dropped 0.9% for the week. Abroad, the FTSE All World Ex US declined 0.6% for the week. The yield on the 10-year Treasury dropped to 1.34% from 1.48%, its largest one week drop in yield since June of last year. Oil prices fell further down another 2.8% for the week to finish at $66.26 a barrel.

US hiring fell short of expectations with just 210,000 jobs added in November, however the labor force participation rate rose to 61.8%, the highest level since March 2020. The unemployment rate also fell to 4.2% from 4.6%.

In congressional testimony Fed Chief Powell said the central bank will consider speeding up its tapering timeline to combat persistently high inflation.

OPEC+ agreed to continue to steadily increase its oil output with pent up demand outweighing any limitations from the Omicron variant.

Weekly jobless claims increased to 222,000 but the number was better than expected.

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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