Financial News and Portfolio Management Discussion through January 16th

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 disappointing economic news, a continuing surge in the coronavirus deaths and hospitalizations and amidst President Trump’s second impeachment. The S&P 500 dropped 1.5% and the Dow fell 0.6% for the week.  Small caps held up well however with eh Russell 200 up 1.5%.  Abroad, the FTSE All World Ex US was down 1.3% for the week.  The yield on the 10-year Treasury eased over the week to finish at 1.10% down from 1.13%.

US Inflation picked up modestly in December rising 0.4% and was up 1.4% over 2020.

President elect Joe Biden proposed a $1.9 trillion coronavirus relief package.

New jobless claims showed 965,000 people applied for jobless benefits, more than economists had expected and the most since March.

December retail sales fell 0.7%, more than expected.

Consumer confidence fell in December.

JP Morgan, Citigroup, and Wells Fargo all posted better than expected earnings.

Earnings for S&P 500 companies are expected to decline 6.8% for the 4th quarter.  The expected earnings decline at the start of the 4th quarter was -12.7%.

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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